Millennials – individuals born between 1980 and 2000 – are one of the most important demographics for retailers and financial institutions to reach today. This group makes up the largest generation in the U.S., and the potential for multiple, lasting financial relationships is an untapped opportunity for many credit unions.
- 64% of millennials think it is important to develop a relationship with their financial institution.
- 1 in 3 millennials are open to switching banks in the next 90 days.
- 54% of millennials would rather work with locally owned and operated community banks.
The creditunions.com post provides links to additional information about catering to the millennial crowd, and Student Choice SVP and Chief Revenue Officer Jim Holt also touched on the topic when he spoke to the CUNA Lending Council last year.
One way to draw millennials is to offer a private student lending solution like those offered by Student Choice. When students build a positive relationship with your credit union at the onset of their adult lives, they are more likely to turn to the same trusted institution when they need a checking or savings account, an auto loan or mortgage for their first home.