Payment Industry Insider

We keep hearing it. Studies keep confirming it. Research keeps bearing it out. And, common sense tells us this is true, and has been forever. We call them Generation Y today. And there are many of them.

But we – credit unions – seem to be struggling to “capture” them. Why is that?

What Used to Work Doesn’t Necessarily Work for Gen Y

Some would say that credit unions – as a whole – are still relying on what used to work. But yet they – credit unions – are well aware that change is going on all around us, 24/7.

Take Gen Y Studies and Research Seriously

One thing that might help us get on top of that mental malady would be to really take the studies and research seriously. To get over the “I’m too busy” mindset – which by the way, everyone else is too; and you probably always will be – maybe take a look at a recent Filene report, “Attracting Young Adults: What Do We Know About Their Use of Financial Institutions and Payment Behaviors”.

A News Now article titled, “Filene examines financial behaviors of young adult”, identifies some key findings of the report. Another source of information is Callahan’s CreditUnions.com e-Update from August 14.

This group of people – and they are a sizable group, to be sure – is different than their predecessors, as all generations have been to theirs.

Just Being a Credit Union Isn’t Enough

Maybe we’ve hoped we could make them adapt to us. Maybe we’re so busy we hoped they would just respond as their parents had. Maybe we just wanted to believe that everyone would get the warm fuzzies when “credit union” was mentioned, and would thus flock to the nearest one to join – as if anyone really understands what it means to join. What I mean is doesn’t that (to join) usually mean a club or something?

Do Things That Will Appeal to Gen Y

Anyway, we (credit unions) have the attributes that Generation Y would respond to. Studies show that. What are we going to do about it?

Anybody got some stories of success to share? To encourage?