The economic impact of Gen Y on credit unions
Both credit unions and banks have to reach younger consumers if they want to thrive in the future. While you might want to, you can’t write off Generation Y (those born between 1982 and 2003). However, the importance of this niche market goes beyond just the need to younger.
When it comes to the Millennial Generation they are going to have a huge impact on financial institutions. A recent article in The Dallas Morning News summarized their headline this way: “Make way for the millennials, America’s economic force of the future.”
The piece provided many insights about Millenials—especially ones that will have an economic impact on financial institutions. Below are a few highlights along with my take on what it means for credit unions and banks:
- “They’ll spend more money on new technology, they’ll start the next Google, and they’ll become the main breadwinners for their families.”
- What it means for financial institutions: Embrace your technology tools or die. Mobile banking, wearable technology and even biometric technology are not options; they are must-haves. Stop being a laggard when it comes to your banking technology.