The words “lasting” and “Millennial Generation” don’t typically seem to go together. Most people’s false stereotypes of the Millennials include they are over-praised whiners, kids who jump from fad to fad, and a group that is more concerned about technology connection than personal interaction.
However, according to a recent e-book from Credit Union Student Choice, financial institutions can successfully connect and build relationships with Gen. Y. Offering more than just theory and a bunch of statistics most people already know, Millennials: How Credit Unions Can Build, Strengthen and Maintain Lasting Relationships provides practical tips and suggestions for reaching this key demographic. And at 38 pages in e-book format you can quickly review the pertinent points.
In all honesty, it is one of the best resources I’ve read in many years on a topic (reaching the Millennial Generation) near and dear to almost every financial institution. It has many answers to questions credit unions and banks are asking when it comes to reaching Gen. Y. Like, “who are these people,” “how do they really like to be treated,” and “what changes should financial institutions make to connect with them?”
One of the best aspects of the book is the practical tips and tactics it offers. For example, it is filled with case study after case study of credit unions that are successfully growing their Millennial Generation market. The book even ends with a step-by-step process for developing your own Millennial strategy.
Some of the key insights include:
- Not all Millennials are the same—The book notes that one of the obstacles is the age diversity of Generation Y. The oldest Millennials are already buying houses and raising kids. The book astutely notes that there are multiple sub-groups of Gen. Y, such as the HENRYs (highly educated, not rich yet).
- Milllennials like experiences—While the Millennial Generation loves their tech toys, they love experiences even more. Including experiences at your branches (yes, the book notes that 82% prefer brick and mortar stores).
- Millennials require a long-term student loan strategy—The middle section of the book goes into great detail about the student loan issue and how financial institutions must make a strategic decision regarding the issue: either help young people pursue their college dreams with student loans or face the challenge of not connecting with Millennials. The book even gives seven factors to consider before formulating your long-term strategy.
If you are serious about getting younger as a financial institution and reaching the Millennial Generation, then Millennials: How Credit Unions Can Build, Strengthen and Maintain Lasting Relationship is a must read. To request your copy of the book, simply click here.