Features and services you should look into offering to attract digitally-minded new members
Sponsored by Zogo
As a credit union, your daily and overarching objectives likely center on the community and values that act as your institution’s foundation. The neighborhood roots, the educational focus and the lifelong relationships you have with your members all come together to fuel the work you do with your team. You’re niche, personable, trustworthy and grounded—and that’s gotten you to where you are today. But now, it’s time to keep up with the trends of tomorrow, including the preferences of the increasingly financially powerful younger generations.
That said, there’s no need to completely ditch the way you’ve always done business; those strong community values and personable business practices never go out of style, and they’re some of the most attractive features of credit unions. While you stay true to your foundation, though, it’s crucial that you also keep up with the times. We’re living through unprecedented economic circumstances that have left most scrambling in some way or another. On top of that, in this age of mobile banking and digitized everything, staying ahead of the technological and customer service games is a tactic you should lean heavily into so you can begin earning the trust of up-and-coming generations.
What Do Today’s Potential Members Seek?
So, what does that look like exactly? It starts with taking a hard look at the features and functions that customers expect these days, which tend to center on new technology and digital capabilities. While that’s especially essential for attracting new membership from younger generations like millennials and Gen Z, pretty much everyone expects and relies on new and improved digital banking capabilities today.
But here’s the thing: A simple mobile banking app where customers can deposit checks just doesn’t cut it anymore. Nowadays, people want personalized digital banking features that automatically help them manage their money. This is especially true for members of those younger generations who are not only struggling with financial literacy but are also a huge target audience for your credit union. They’re craving stability, guidance and education—and they want those things delivered in a modern technological way that caters to their digital preferences.
Beyond traditional features in your mobile banking app, it’s important to consider the lives and situations of new and existing members in these modern, trying times. When it comes to attracting new, younger members in particular, their draw toward large banks’ digital capabilities is a main threat to your institution gaining their business. Even if you are also offering the kind of modern features these younger people are looking for, big banks’ large-scale marketing abilities and notoriety could have potential members choosing them over you. So, to attract digitally-minded new members, what kinds of features and services should you look into offering?
Meeting the Modern Financial Needs of Millennials and Gen Z
Some of the main things millennials and Gen Zers are looking for come back to guidance on spending, saving and investing. From budget-tracking capabilities, monitors on spending behaviors and other features that generally help them on their financial health journeys, there are numerous ways to reach these younger generations based simply on their need for a helping hand. One of the things members of those generations really need help with and are actively seeking out in many different forms is trustworthy financial education. While there are innumerable public financial education resources these days, being the one to provide it to them increases their trust in the work you do.
As a credit union, your strong educational foundation that guides your member-focused efforts sets you up for success when trying to meaningfully engage the next generation. The trick now is not only to digitize those assets and make them more accessible than ever but to cater them to the modern interests of members. People are interested in topics like cryptocurrency, digital investing and seamless bank-to-bank money transfers, and they need a trustworthy resource (such an outstanding credit union, perhaps) to educate them on those complex new topics. Regardless of whether you deal with those exact matters at your credit union, being able to guide your members through all of their financial endeavors is a fantastic way to build loyalty and confidence.
Stay True to Your Roots
On that note, however, building confidence with these younger generations doesn’t center solely around technology, education crypto, or any of that other fancy modern stuff. The single most important thing you can stay true to in these changing times are your old-fashioned customer service capabilities and practices. Regardless of how digitally advanced your credit union becomes, offering real person-to-person interactions, whether in-person or over the phone/video call, is a crucial aspect of keeping your member base engaged and happy with your institution. Technology may be all the rage, but just like the rest of your personable business practices, face-to-face interactions never go out of style.
Zephyr Jaeger recently joined the growing marketing team at CUES Supplier member Zogo as a marketing content writer, a role in which she provides B2B-centric content to publications and works closely with her co-workers on expanding the company’s marketing presence. In her free time, Jaeger enjoys being by the water, finding the best breweries in Austin and cuddling with her puppy. To gain more insight into attracting younger generations and keeping up with the digitized times, request a demo from Zogo.