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CU Perceptions: Millennials Can't Live Without Their PFI

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

We held focus groups in four cities (Columbia/Jefferson City, Kansas City, Springfield and St. Louis) and conducted a statewide online survey to gauge what products were most used by 18-35 year olds. While some might assume these tech-savvy consumers were looking for cutting-edge services, their responses weren't very elaborate or far-fetched. Here's what 18-35 year-olds in Missouri want from you:

  1. Checking
  2. Savings
  3. Credit Card
  4. ATMs
  5. Mobile Banking/Apps

How do these results align with your product offerings—is your credit union five for five? If not, think seriously about implementing the services that matter most to a younger demographic. In particular, the rise in smartphones and mobile devices has increased the use of banking apps. Yet, less than 50 credit unions in Missouri (or 38%) currently offer mobile banking. 

Even if you already offer the top five products, you may need to communicate these offerings to your members. What platforms do you use and how often do you share this information with them?

You may be Millennials perfect financial match, but they will never know if you don’t show them. 

"In 2014 we completely re-wrote our website and online banking, making it responsive and offering a seamless, integrated banking experience between public and secure content," says Kathy Palmer, Vantage Credit Union VP of e-commerce. "We also updated our mobile app to include some of the additional features we added to our online banking, including the ability to categorize transactions for budgeting purposes."

Since then, analytics have shown that the percent of mobile or tablet access of Vantage's responsive site continues to increase as desktop access slowly decreases, with members 18 to 44 actual preferring to use mobile or tablet than desktop to access the site.

"Members are also viewing more pages and staying longer on our site now," says Palmer. "Monthly downloads of our iPhone and Android app have also increased since we launched our new site. This clearly tells us that mobile development and improvement is crucial to members’ active engagement with their credit union.”