Engaging and Connecting with the Next Generation

Jul 28, 2023

Attracting and engaging the Gen Z audience can be a significant challenge for many credit unions. To bridge this gap and tap into the immense potential of this demographic, credit unions must adopt innovative strategies and adapt to evolving consumer preferences. Below are some valuable insights for credit unions seeking to connect with the next generation and how MemberXP can help you achieve this:

1. Embrace Technology and Innovation: In today's digital era, Gen Z consumers expect seamless, user-friendly digital banking experiences – think PayPal, Venmo, or even Zelle styled experiences. To meet these expectations, credit unions should prioritize enhancing their online and mobile banking capabilities. By investing in advanced technology and incorporating innovative features, credit unions can position themselves as modern and convenient financial partners.

MemberXP Use Case: With our ability to run online banking and mobile app surveys, we can assist you in diving into what is creating positive or negative experiences through these channels. The feedback you receive from your members should help drive initiatives, campaigns or promotions to either lean into positive drivers of the user experience or identify areas for improvement to enhance the user experience.

2. Cultivate a Strong Online Presence: Traditional marketing tactics may fall short when it comes to capturing the attention of Gen Z audiences, as we have seen in the rise of social media usage and of course, the consumption of video. To expand your reach, we most definitely recommend to embrace social media platforms and to engage with these consumers through relevant content, personalized messaging, and targeted advertising campaigns. By meeting them where they are, credit unions can build brand awareness and attract their attention.

MemberXP Use Case: With our Saves, Opportunities, and Social Media Report, MemberXP clients are able to identify what social media platforms their survey takers are leaving reviews of their experiences. By utilizing the data from this report, credit unions may begin making assumptions about what social media platforms their most vocal members reside and thus create initiatives to help promote their credit union on that platform. With member testimonials, credit unions may even promote their own members’ words on social media channels in order to help promote what makes them different from the competition.

3. Prioritize Financial Education: Financial literacy is a crucial aspect of engaging with Gen Z. Credit unions have the opportunity to bridge the financial education gap by offering targeted programs and initiatives by equipping them with the knowledge and tools they need to make informed financial decisions. In doing so, credit unions can establish trust, loyalty, and long-term relationships.

MemberXP Use Case: By developing a custom survey that focuses on member financial wellness, education, or even the challenges and goals this demographic is facing, this would be huge in understanding them better in order to make strategic decisions on products or services.

Credit unions have a unique opportunity to connect with the next generation and showcase their value by differentiating themselves from other financial institutions. Investing in financial education initiatives, embracing social media and consistently innovating digital channels are vital steps toward capturing their attention and loyalty.