Payment Industry Insider

This is a big issue now, for sure. And many credit unions are not really addressing it, or at least not addressing it properly. But the fact of the matter is, your future business is going to come from today’s young people. Particularly your loan business.

We’re talking about Gen Y here; and even more specifically the 18–25 year olds. So, what are you doing to solicit/invite that business into your credit union?

First and foremost, you have to be committed to communicating with them. But it has to be in their language!

What does that mean?

Make it alive and fun. If it is catchy it will suggest a fun place to do business.

For more on this, you might catch some of Tim McAlpine’s thoughts at CU Brand Blog. See his post, “Kids Today…are Amazing” to see what I mean. Though even more revealing is his “How’s your CU’s youth marketing initiative working out for you?” post. Talk about straight from the horse’s mouth. Tim got some pretty insightful feelings of indifference from young people towards financial institutions.

There also seems to be a considerable lack of understanding about the credit union difference.

If you are indeed serious about your future, you have your work cut out for you. Get engaged with the young people. Find out what makes them “tick.” You’ve got to know this if you are going to get their attention, let alone their business.

Other good posts to read to help you understand the Gen Y culture and how it affects your credit union are those from Justin Ho, a Gen Y consultant for Glatt Consulting, and Andy LaFlamme of Maine State CU, especially his "Window into Generation Y" entry.