It’s no secret that one of the keys to long-term success for credit unions lies in their ability to connect with the next generation of members. After all, there are more millennials than there were baby boomers.
But there is another demographic reality that may be worthy of consideration that would suggest a contrarian strategy that might work well for some credit unions.
Take a look.
ACTION ADVICE: Engage your planning team in a discussion about the strategy of delivering more services focused on the aging demographic. Consider the options that may be available for you to deepen your relationships with this group and create new products and services that meet their evolving needs. Don’t forget to ask how you can leverage their loyalty to bring in their extended family and friend networks as new members.
It’s Your Turn…What do you think about this idea? Does it make sense, or would it be a serious mistake for a credit union to consider it? I look forward to your thoughts…
