This presents a major opportunity for credit unions to grow their memberships. Currently, credit unions can barely count millennials as part of their membership base. In fact, according to an Experian study conducted in 2015, millennials held only 5% of all accounts at credit unions.

So, what exactly characterizes the millennial generation, and what can credit unions and collection agencies do to implement effective strategies to earn their trust and membership?

The first significant difference of this generation when compared to those that came before them is that millennials tend to lack financial literacy and practical money management skills. They deeply fear the burden of debt and have increasing concerns regarding data security and overall transparency – leaving credit unions with a unique challenge when it comes to earning the trust and business of millennials.

By partnering together to effectively overcome these challenges, credit unions and collection agencies can ensure they are attracting, engaging and satisfying the growing millennial market, which can then translate into long-term credit union memberships.

We’ve outlined 4 key strategies credit unions can implement today to maximize recoveries on defaulted loans without sacrificing the growth and endurance of millennial memberships.

To learn more, download our free eBook: “Millennials and Collections: Strategies That Work.”