By Sarah Snell Cooke, Principal, Cooke Consulting Solutions

Credit union volunteers and loyal members are aging. Younger consumers are seeking organizations that are modern and relatable; not just a brand. How can credit unions engage younger volunteers and members, as well as employees? 

Younger people are checking out what boards look like online, Elevations CU Chair Nancy Herbert pointed out during the Dead & Gone panel at the Underground Collision held recently in Washington, D.C. Trust is of utmost importance to the younger generations. They want to trust that your company is actively seeking diversity in every form. Well-rounded organizations have been shown to be more stable and safe.

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The first thing credit unions have to stop in order to earn the trust of the younger generations is marketing. Instead create member communications, according to Liz Winninger, CEO of Xtend, a CUSO owned by 81 credit unions that serves as an aggregation point for shared resources, allowing credit unions to deliver products and services more cost-effectively. She highlighted how one credit union held a Facebook contest for concert tickets open to members and nonmembers. When 20,000 people entered, the credit union was pleasantly surprised with the turn out. Through follow ups, many of those contest entrants also converted to members.

“Is it an aging population or is it how we try to engage with them?” Winninger posed to the 115 attendees of the Collision.

As much as social media has allowed people to stay connected online, as consumers they also want to feel connected with people, Herbert said. Give them that member touch at every touch point. “They’re hungry for it,” she said. “They don’t want to be one of the masses.”

Is it an aging population or is it how we try to engage with them? –Liz Winninger

Therefore, make your credit union stand out on their merits, not just their rates. Being a relatable and trusted organization will boost credit unions’ street cred in the eyes of younger members, engaging them and developing them into the next generation of employees and volunteers. Help them stand out from the masses by asking them to run for the board!

But these newly found younger members aren’t just there to serve the credit union; credit unions must serve them with that member touch and making them feel special. Winninger added, credit unions must dig into how they define a loyal member regarding length of services and number of the credit union’s products they use. Word of mouth marketing is incredibly valuable, so when you treat younger members as loyal members—despite the length of time their accounts have been open—they’ll tell their friends and word spreads exponentially.

Herbert concluded, “We have to think as responsible board members, ‘What does the future look like for our board that will be relatable to the up and coming generations?’”

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