Credit unions have been struggling to attract the younger generation despite being well-known for a customer-centric approach. The fact is that there are more than just marketing challenges. Omnichannel marketing experience has become essential to succeed. Credit unions must present their brand to unite the credit union banking experience in person to better associate with future account holders. The consumer base should be able to manage their finances digitally to ensure maximum convenience. This is where omnichannel marketing comes into play!
Why Are Millennials Not Drawn to Craft Banking?
Credit unions have been unsuccessful in providing millennials with the experience that they desire. There is customer disconnect, which credit unions do not know how to deal with. Credit unions are powered by funds that are sourced locally and tend to be smaller than big banks. They provide premium products such as unique loan products and improved interest rates.
When you look at things from an outside perspective, credit unions can be considered the cherry on top for banking. However, they are not. In reality, millennials are least likely to choose credit unions compared to Gen X or Baby Boomers. According to research, it was found that big banks have started to perform better at user experience. Various reasons are behind this, such as the fact that millennials do not save or borrow as much as their older counterparts.
As millennials struggle with managing student debt and cannot purchase a house, they prioritize digital compatibility and easy access over personal experience and interest rates. This only makes matters worse as bigger financial providers are using cutting edge technology to provide banking options using smartphones. Similarly, Fintech has emerged as a popular option for millennials. If you market things right, they will be drawn to local banking's warm and friendly nature.
How Can Marketing Convey Technology & Convenience?
Traditionally, credit unions relied on brand reputation and customer communication to establish a personal connection. Although these are good tactics, they are simply not enough. Even if a direct mailing campaign were seen, it would be easily forgotten with the multitude of adverts that millennials are exposed to today. However, with personalized mail and digital marketing targeted, it is possible to provide an omnichannel marketing experience.
Top 3 Ways to Attract Millennials
- Get Personal: Go beyond demographics to directly target your audience with relevant financial products.
- Embrace Mobile Technology: The thing about omnichannel marketing is that it is limited to website display or email ads. One must embrace mobile technology to provide the ultimate experience.
- Showcase a Better Customer Experience: Finally, you have to show customers that you provide an improved customer experience by marketing the experience.
The only way that credit unions can succeed is by modernizing marketing and customer experience. It is believed that this post will help you move forward in the right direction.