Adopting and adapting for member acquisition

Credit unions have been a financial staple of communities throughout the world, dating back to the 19th century. However, in today’s rapidly evolving world, many credit unions are at risk of becoming outdated among the next generation of potential members, as they can be seen as behind on technology innovation.

Built for a generation that still goes into a physical branch, prefers mailed hard copy statements, and stays loyal to the financial institution that has served their family for generations, credit unions are at an inflection point, facing huge pressure to modernize. In fact, their larger rivals are woo’ing younger members with the best in digital technology, fueled by multibillion-dollar investments in emerging innovations like AI.

Banking trends for younger generations

A recent study, titled “The FinTech Innovation Agenda,” found that 95% of credit unions indicate that attracting Gen Z customers is a priority for them—however, this generation is a wildly different member than credit unions have worked with. In fact, in addition to wanting a separate bank or credit union from what their family uses, the younger generations are exhibiting the following trends:

 

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