Millennials are the elusive group between the ages of 25-34. Their definition of success is no longer based upon what they have in their savings account, the car in their driveway, or the house they live in. They are more concerned with how much traveling they have done and are already planning the next big trip. The experiences are their success.
 
With this new way of thinking, credit unions are striving to develop a marketing strategy which appeals to these millennials.
 
Focused on Living LifeMillennials no longer care about what they have, because studies are showing they are traveling the country and the world. They are living life to the fullest. If millennials are being creative, then credit unions will need to be creative as well.
 
New campaigns that offer rewards are becoming quite popular. These programs allow millennials to use rewards on travel or purchases. Credit unions need to take the time to ask their millennial members what they want. Engagement is key to creating what they are looking for.
 
Beyond Brick and Mortar
With 45% of millennials using phones, computers, and tablets for banking purposes, credit unions will need to focus on offering on-line banking tools combined withgreat member services at their locations. This is the future of banking. Millennials no longer want to make a phone call and navigate through numerical menu options. They want the choiceto chat online or send a text, but also want to be able to go to their credit union for in-person services.
 
Loans
 
Almost everyone needs to secure financing at some point in life including millennials. It doesn’t matter whether the money is needed to finance a new car, recreational vehicle or their next big trip.Millennials need choices with flexible terms – they want to keep more money in their pockets each month and also pay back their loan sooner. They want a credit union to work diligently with them to find the right lending products and terms to meet their unique financial situations.
 
About AuthorOn The Mark Strategies is a team of trailblazers guiding financial institutions in the areas of speaking, branding, strategic planning and marketing services. Technically, they are a consulting firm, but their clients prefer to think of them as trail guides. Their experience as former credit union employees, combined with the customized programs they create in-house, enable them to lead financial institutions through the great unknown. On The Mark Strategies stands ready to guide financial institutions looking to chart a new course or navigating their current path.