Nov. 20, 2006


  • Technology is the gateway to attracting younger members. In many ways, credit unions are at the forefront of this with BillPay, online banking, etc. However, marketing themselves as BEING technology leaders is not something we have been as successful at -- and that's why we're being overlooked by the youth market.
  • In response to the previous user's comment, I believe that technology is something that is "expected" by today's youth, not something that will differentiate credit unions from the competition. At just 24, I still like to think of myself as one of the young ones in our industry, and I believe that the trend depicted in the above graph (showing that family is now the #1 introducer of credit union services) is a sign of past success of the credit union movement. When Mom & Dad have a credit union account, there is a much better chance of Jr. having an account at that same institution. The goal for credit unions is to avoid losing that member as he or she grows older, which means offering the technology they will demand, giving them a credit card when they want it, and helping them buy that first car or home.
    Mark K.
  • Clearly jobs aren't what they used to be. Families are different too, but they're still holding together. We know that young people are "into" technology gadgets, the latest cell phones and the like -- but aren't we missing something? Sure we should get comfortable with those channels, BUT shouldn't we be asking what it is that we should be re-inventing the credit union movement into to meet the need of this century?
  • I totally agree with the comments and the article. I would like to add that credit union websites need to be more carefully planned, and can no longer be an afterthought. It is a major resource for credit union outreach to its members and often is neglected or not well built for user friendliness. Home pages are often too crammed with text and sometimes much important information is too hard to find. Links often take members to competing companies for loans or other products. A strong, well-planned and interesting website need not be the privilege of only large credit unions. Even a small credit union can build a website that is alive and gives members a reason to continue to come back to visit often. The consequence of not doing so is losing the opportunity to serve the younger generations.