Remember the movie ‘The Internship?’ Vince Vaughn and Owen Wilson play two salesmen who are the victims of layoffs. They’re out of touch and have zero digital chops, yet they somehow score an internship with Google.
In a classic scene, Vince Vaughn’s character, Billy, is excited to have an idea for one of the challenges the interns must complete: He suggests to his fellow interns who are half his age that they create an app where people can take photos and immediately put them out “on the line.”
We chuckle at the scene as a couple of old-timers try to fit in with cohorts much younger than they are, but really … are credit unions guilty of appearing to be just as obsolete?
Financial Health is On The Line
Nearly three-quarters of millennials live paycheck to paycheck, and Gen Z isn’t off to a great start either, according to PYMNTS.com. As a whole, Americans’ financial health feels like it’s sinking.
At least we know it, though. According to JD Power research, 59% of retail banking customers “expect” their financial institution to help them boost their financial health. That same report found banks lacking in this area. Time for credit unions to shine! Right?
Reaching Younger Generations
We know the younger generations tend to value financial institutions that align with their values, provide personalized experiences, and offer top-of-the-line digital services. Credit unions, with their cooperative structure and community-oriented approach, have the potential to resonate with Gen Z’s desire for transparency and social responsibility.
BUT …
Millennials and Gen Z are also demanding in their digital experiences and mobile banking. These digital natives never lived or can’t remember a time when the internet wasn’t right there in their faces. Heck, Gen Z has been raised on a ‘healthy’ dose of mobile streaming and gaming.
They’re walking around with supercomputers in their pockets, so how’s your credit union website going to impress them?
Take Control Of Your Online Presence
A robust online presence is not optional. So, what is robust?
Create an engaging user experience to appeal to younger members. Optimize your site for mobile. Given the widespread use of smartphones, ensure your credit union website is fully responsive and mobile-friendly for those who can type faster with their thumbs than many executive assistants at a keyboard. Building intuitive navigation, so members can find exactly what they need in as few taps as possible. Clear and concise menus, well-organized content, and prominent search functionality contribute to a seamless experience.
Use your credit union website to highlight your various digital banking capabilities. Showcase your mobile banking apps, online account opening, and loan applications that prefill the forms for the consumer. And P2P payment options are a must.
Finally, fulfill their desire and need for useful, actionable information to help them improve their financial well-being. As JD Power found, they are expecting it.
Offering video tutorials on complex financial transactions, like how to get your first car loan. Calculators are great tools to help people, young and less young, determine how much of a down payment is needed for their first home. Tips for budgeting and saving are key, as is the responsible use of credit. Virtual or in-person workshops providing key information, like setting their budget when they’re first out on their own, can lift a great deal of stress off their minds. It’s never too early to start: Check out our Dollar Dog Kids Club to supplement your credit union website!
Parting Words About Your Credit Union Website
Credit unions have always been and will continue to be rooted in trust. Those that prioritize their online presence will be more successful in attracting and engaging young adults in today’s always “on the line” world. Otherwise, your credit union could be their Vince Vaughn as Billy. Break free from the fear that’s holding you back and digitally embrace the newer generations of credit union members. We’ve built sleek, modern websites for credit unions coast-to-coast, so when you’re ready, let us know how uncommn can delight you!
