Many credit unions are seeing an ageing of their membership, as they have retained the loyalty of the people who joined when the credit unions were founded, but they have not recruited those members’ children and grandchildren. This report, focused on millennials (people aged 18 – 40) has been produced by five MBA students at the prestigious Alliance Manchester Business School (AMBS). These students, themselves millennials and previously unfamiliar with credit unions, have interviewed credit union staff, surveyed members and researched academic literature to assess what credit unions can do to attract this group.
The paper explores how credit unions can successfully utilise marketing, especially online marketing like social media, to convey their message and value to the millennial demographic of potential members and attract millennials away from mainstream and alternative financial service providers, like the new fintech banks and payday lenders.
CFCFE is grateful to the AMBS team for the effort they have put in to producing this valuable contribution to credit unions’ thinking on marketing and overall service development. Download the report here.