Despite strong member satisfaction and negative consumer sentiment towards banks, credit unions’ market share of key profit drivers like mortgages and credit cards is in the single digits. When asked why they aren’t members, many Gen Y-ers admitted to not knowing much about credit unions, and when in the market for financial products they have the same preference for a big bank as they do for a community bank or credit union.
This paper outlines four strategies recommended by Cornerstone Advisors that credit unions can apply to win Gen Y-ers’ business based on this cohort’s use of technology and credit cards and their financial health.
The analysis, conducted by Cornerstone Advisors, is based primarily on data from CFSI’s Consumer Financial Health Study.
Also be sure to watch our webinar on this research with Ron Shevlin of Cornerstone Advisors and Tansely Stearns of Filene Research Institute as they discuss strategies for attracting and retaining millennial members.