Gen Y Responds: Credit Union Member Feedback
by. Nico
We’ve previously reported on the efforts credit unions across the country are making to connect with Gen Y. Programs like in-school branches and classroom presentations for students, young adult-oriented products, and community events help credit unions demonstrate their value to the community. These initiatives develop a sense of trust between Gen Y and the credit unions—they provide examples of the kind of mutually beneficial relationship that can occur between a member and their credit union.
But how do current and new Gen Y members feel about their credit union’s services? We wanted to get a better sense of individual Gen Y members’ opinions, so we asked them for general feedback, as well as more pointed observations about the products available to them, the technological capabilities of their credit union and the quality of member service.
Feedback Summary
- A common thread running through each of these members’ comments is the importance of member service. Most of the credit unions mentioned make comfort and familiarity a high priority. They “recognize loyalty”, they are “protective”, and they exhibit a “sense of community”. This is an important advantage credit unions have—they are truly seen as members of the community.
- Several members noted low interest rates as a benefit to credit union membership. If a decision comes down to who has the best rates, maintaining area-low interest rates offers a clear advantage.