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Shared Branching: Gen Y Members Want It All

Gen Y is known for their fondness for everything electronic and digital—that means they just need access to online banking and a decent app, right? Wrong. A recent survey uncovered that Gen Y members are much more likely to visit a branch, drive up ATM or phone a call center than any other segment.

Check out the results in the table below. Gen Y respondents of the survey indicated they utilized branches and "offline" services more often than older respondents. 

  Five or more visits/uses per year High-volume ATM users High-volume call center users
Gen Y 17% 34% 6%
Gen X 10% 30% 2%
Baby Boomers 10% 22% 1%
Baby Boomers 11% 12% 0%

That means brick-and-mortar locations are important. Yet, convenience also plays a huge part in what Gen Y members want. How can you provide convenient branch locations throughout the state?

Simple. Participating in the shared branch network ensures that younger members experience the credit union difference nationwide. For example, there are shared branches in several Missouri college towns, including Columbia, Rolla, Fulton, Warrensburg and Springfield that meet the needs of temporarily relocated students.  

“Springfield has several colleges and universities. Every fall thousands of new students arrive; many of them fall into our select employee group (SEG),” says Paul Ebisch, president/CEO of Assemblies of God Credit Union (Springfield).

Students quickly discover many of the large banks they have accounts with do not have branches and/or ATMs in the Springfield area. Luckily, credit unions in the area, like Assemblies of God Credit Union (AGCU) offer their members free shared branching and access to nearby branches and ATMs. 

“In most cases, a shared branch is just a couple of blocks to a couple of miles from ‘home,’” explains Ebisch. “This allows parents to deposit into their student’s account conveniently. In turn, when students travel home for semester break or summer break they still have the same access to their account as they do in Springfield at an AGCU branch.” 

Students truly appreciate this kind of convenience. Darcy Gutowski, 18, moved from the Chicago area to Springfield to attend Missouri State University and major in photography. Darcy is an AGCU member.

“Basically, everything is easier for me to do with mobile and online banking,” says Gutowski. “Sometimes it is just checking my balance, other times it is transferring between accounts. When I go home to Chicago, it is nice to know a shared branch is nearby for the times I need additional banking services.”

Gutowski foresees a lot of travel in her future as she works on her photography degree, and especially after she graduates. “Access to shared branching means I will never have to search out banking services with another financial institution in any area I relocate to,” says Gutowski.

Shared branching meets the many demands of Gen Y members, while providing them with all the financial services they want— online, mobile, ATMs, peer-to-peer, AND branches.

“We remind students an AGCU account does more than just follow them home, it follows them wherever their future profession will lead them,” says Ebisch.

For more information, contact your field representative.