The Virtual Millennial Banker: How Credit Unions Can Win
Published on Creditunions.com on September 14, 2015
Providing payments transaction tools in a format millennials crave will make your credit union a top candidate for these "virtual" bankers.
Millennials are reaching financial maturity and seeking a full range of financial services. Almost all of them (94%, according to Harris Interactive, 2013) actively use online banking, and for 42%, online is their only kind of banking (First Data Corporation, 2015).
These users value the ease and convenience of online payments and other transactions over relationships, and they’re comfortable doing their own “virtual banking.” And soon, they will make up 50% of the American workforce, so their decisions hold a good-sized piece of the future for financial institutions.
Can credit unions meet the demands of this mobile generation and get them to bridge the transactional-relationship gap, even though they may never set foot in a branch?
Speaking as a millennial myself—as well as a credit union advocate and a participant in Bluepoint Solutions’ continuous research into the preferences of tomorrow’s members — I believe they can. Credit unions that take the time to understand the mindset of this newly minted generation of online members may be ideally positioned to compete successfully for their business.
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