Experience over things: How to attract new accountholders

The youth of today are the consumers and investors of tomorrow. Yet, statistics continue to show far fewer numbers of youth members in the credit union and banking space. The average credit union membership age in North America is 53, according to the 2020 World Council of Credit Unions Statistical Report.

We have heard time and again that the millennial youth stand to inherit the boomer wealth. The gap in generational tendencies is growing larger by the day and has transformed into what is being called Experience Economy.

After World War II, the world experienced an age of material accumulation as they worked to rebuild and gain status. Since then, we’ve experienced The Great Recession, one of the worst economic challenges in US history, from December 2007 to June 2009. The collapse of the housing market, resulting from a confluence of economic and regulatory factors, led to the economic crisis. Millennials witnessed many people of the prior generation lose their life savings and go back into the job market. Banks are working hard to regain trust, especially with millennials, and Credit Unions are contending to make a name for themselves, teaming up with fintechs to make it happen.

 

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