Millennials & Gen Z: Credit Union Strategies for These New Generations
As millennials and Gen Z continue to increase in influence, credit unions need to recognize the tendencies and habits of these younger generations, as they’re quickly becoming the nation’s most powerful consumer group. This presents a major opportunity for credit unions to grow their memberships, and a component of that value proposition necessarily includes collections strategies. It is critical that credit unions ensure they are attracting, engaging, and satisfying this growing market.
So how can credit unions maximize recoveries on defaulted loans without sacrificing the retention and growth of memberships?
- Embrace and Optimize Technology – Millennials demand digital payment services that cater to their preference for convenience and ease.
- Uphold a Positive Corporate Culture – Focus on accountability is a hallmark of these connected generations.
- Relationship-Based Experiences – Credit unions that are responsive and communicative with their members, showing that they value input and reacting accordingly, will be most successful.
- Address Their Needs & Challenges – Credit unions who want to attract and retain these new members need to create products that educate, empower and focuses on what matters most to them.
Credit unions will successfully enhance their recovery performance while simultaneously growing their memberships if they expend the time and effort to help meet the unique needs of millennials and Gen Z. Read more about the 4 ways you can engage with these new generations by downloading our free E-Book: Millennials, Gen Z & and the Changing Face of Collections.
