The Next Generation of Member Growth

Why Focus on The Next Generation of Member Growth

• Fact: The average credit union member is in their mid 50s.

• Fact: Less than 20% of Americans under the age of 40 use a credit union.

• Fact: Credit Unions need loans to generate revenue. Hint...prime borrowers are in their 30s and 40s.

It doesn't take a genius to see what's happening here. The aging credit union member has been a challenge in the industry for decades, but reality is starting to set in that we are in for a major demographic tsunami—think about it, if the average age for a credit union member is 53, ten years from now they will be 63. Consumers in their 50s and 60s are not at a point in their financial lives where they need loans, unlike Millennials and Gen Zers. If your credit union is focused on profitable growth you need to get serious about attracting and engaging Millennials and Gen Zers. 

Solution: Filene's New Center for The Next Generation of Member Growth

The goal of this center is to identify strategies, including internal and external practices, to attract, engage and retain the next generation of credit union members. 

Key Objectives:

• Identify emerging capabilities in both physical and digital channels to reach and convert Millennials and Gen Zers into members
• Identify how products and services will need to evolve and what investments are necessary to meet the financial needs and build trust with the most diverse, multi-ethnic consumer base in history
• Investigate what promising growth opportunities exist that can simultaneously protect credit unions against fintech incumbents while driving revenue and membership growth
• Explore key infrastructure requirements to enable personalization of offers and optimization of the member experience to drive higher relevancy and conversion
• Test marketing strategies and tactics to identify which approaches strengthen brand identity, reinforce value proposition, build loyalty and establish clear points of market differentiation

Next Steps

As you can imagine this is a highly anticipated research center for many credit unions struggling with understanding and engaging younger consumers. In fact, our waiting list for sponsors of this new project is filling up fast, click here to fill out a quick interest form to get started.