Young adults are the future of your credit union. From college to home-buying, learn why credit cards are key to winning the loyalty of Gen Z and millennials.
Many younger adult credit union members have yet to select a primary financial institution for their banking and borrowing needs. As a result, their loyalty is up for grabs, and a credit union’s credit card offerings and values may be a powerful tool to securing it.
When choosing a credit card product, millennial and Gen Z members are keenly interested in no-fee, low-interest reward cards that reflect their lifestyle and values. Offering competitive reward products is not necessarily the deciding factor for these cohorts. They prize a digital, frictionless application process and access to online tools. They also weigh an organization’s social values and community involvement higher than other generations. Many Gen Z and millennial members leave financial institutions because of misaligned social values or disappointing digital experiences.
However, offering young members a convenient online experience does not mean offering them a generic one. They want personalized guidance to help them save money, manage debt, and receive incentives that persuade them to take immediate action, such as applying for a credit card.
Inflation, student loan debt, and other factors put enormous pressure on Gen Z and millennial members. Credit unions that acknowledge these pain points by providing credit card services to help young adult members manage their financial goals and meet life-stage milestones will stand a better chance of winning their loyalty.
Learn how to expand your credit card reach in this free whitepaper from Elan Financial Services.
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