BRANCH BUSINESS: BY MEREDITH DEEN
It’s make it or break it time with your credit union, and who would have ever
thought it would come down to the Millennial generation? Discover who this
generation is and why catering to them with the “Three HTs” matters so
much to CUs, and in particular CU branches.
Fifteen years ago, if anyone had suggested the Millennial generation would represent an important yet challenging component of a credit union’s (CU) success, most CU managers would have shaken their heads in confusion. At the time, the powerful Baby Boom generation was hitting its stride, with Boomers climbing the corporate ladder and depositing money into their financial institutions at an impressive rate.
Today, post Great Recession, many of those same Baby Boomers are either suffering from depleted savings and/or reduced levels of employment, or they are tightening their belts in preparation for retirement. At the same time, Millennials are coming into their prime. For a number of reasons we will discuss in this article, the (really large) Millennial generation has the potential to make or break the future of credit unions— and it’s not a simple matter of how many dollars and cents they have in their pockets.