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CU Perceptions: Why Millennials Dislike Their PFI

This is the fifth article in the series CU Perceptions, which explores how consumers perceive credit unions in Missouri.

Now that we've established what Millennials like about their primary financial instituion (PFI), let's find out what they don't like. We asked 18- to 30-year-olds what improvements they would make to their bank. Here's what they had to say:

  1. That annoying phone tree when you call a bank
  2. Not being able to sit down with an actual person or representative at the bank
  3. More customer service and follow up 
  4. Use ATMs anywhere with no fees

Across all markets (Jefferson City/Columbia, Kansas City, Springfield and St. Louis), the participants gave the same feedback. Ultimately, they want more personal attention. They want to be treated like a human instead of a number. Or maybe even a "member" instead of "customer." 

Are you telling 18 to 30-year olds about the Credit Union Shared Branch Network where they can use ATMs across the country, free of charge? Are you inviting them to sit down with your member service reps to make sure they are financially fit? Are you contacting 18 to 30-year olds to let them know the door is always open? 

All of these things appeal to nonmembers, and credit unions are capable of delivering them.