Consumers born since 1980 have a significantly different perspective on financial services than previous generations, and credit unions should pay close attention to those differences, according to CO-OP Financial Services.
The financial technology company, based in Rancho Cucamonga, Calif., presented results of its "Unlocking the Millennial Mystery" survey at its THINK 14 conferencein New Orleans.
For millennials, positive customer experiences are largely driven by the basics – deliver on expectations and treat people with respect, according to the survey of 500 consumers.
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"The competition among financial service providers to attract millennials is fierce and getting more so as technology-based products seem to change the market environment almost daily," said Stan Hollen, president/CEO of CO-OP Financial Services.
To attract members of the millennial generation, CO-OP has launched the Empowering People, Amplifying Dreams campaign with singer-songwriter Daria Musk.
"By addressing the safe access and convenience demands of millennials, and leveraging their traditional service strengths, credit unions can win the loyalty of this highly sought after consumer group," Hollen said.
Credit union members are more satisfied than bank customers, the study noted. For example, 81% of credit union members said that their institution provides an "outstanding customer experience," but only 59% of bank customers gave an outstanding rating for their bank.
Credit union members are also much stronger advocates for their financial institution compared to bank customers, according to the survey. The net promoter score among credit union members was 38%, compared to only 16% for bank customers.
The study will be available in mid-June for purchase: $299 for the full "Unlocking the Millennial Mystery" research portfolio and $199 for a comprehensive research PDF. An executive summary will also be available at no charge on www.co-opfs.org.
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