A majority of millennials are just beginning their adult life and have significant needs for financial products. Many are hitting key milestones, such as marriage or having a baby, and they are looking to get their finances in order. Home and car purchases are on the horizon, as is saving for college and retirement. Over the next decade, millions of new consumers will be looking for a partner to supply them with financial products that will enable them to achieve their goals.

2. They Don't Like Your Competition

The Great Recession created a hearty dislike among millennials regarding large financial institutions. Many believe large, for-profit financial institutions were part of the cause of the problem and are looking for alternatives. Brand recognition has become a negative for many of these institutions. A recent study showed that one third of millennials were open to switching banks in the next 90 days. The choice for millennials is evolving from who's not the worst to who can help me and shares my values.

3. They Love Technology

While your institution might not be on the cutting edge when it comes to banking systems, their love for apps is making them willing to forgo the branch experience. This willingness to be virtual undermines large institutions biggest strength: a branch on every corner. Technology levels the playing field and gives smaller institutions a formidable chance to attract their business.

4. Kindred Spirits

They believe in your community mission. Unlike the days of Gordon Gekko and a greed is good mentality, millennials believe in the greater community. Many millennials watched their parents struggle through the Great Recession and redefined success through happiness and experience versus wealth.  According to a Huffington Post article, a whopping 87% of millennials gave more than $100 last year to charities. Your community focus and desire to help and educate stands out to them and is appreciated.

5. Your Moment Is Now

The opportunity for credit unions to grow and gain customers over the next decade is unparalleled in history. Technology and millennials' desire to use it are making it easy for any financial institution, regardless of size, to be convenient and meet the needs of their customers. Online systems give customers the ability to consume almost all the institution's services remotely. The once great strength of convenience from large financial institutions is quickly dissolving.

While the opportunity has existed for a few years, there has been one problem: There simply wasn't enough mature purchasing power in this generation to justify the expense. They weren't ready to buy a house, a car or start a family. As this generation has grown up, so has their need for financial products.  Now armed with $200 billion in purchasing power, the millennials are looking for a partner.

The stars are now aligned for credit unions to focus their efforts on millennials. They like the fact that you offer low fees and care about the community. They don't need a branch on every corner and they don't hold you responsible for mom and dad losing a bulk of their retirement during the Great Recession. They are open to new brands and experiences. They need financial products to achieve their goals and experience life.

Are you ready for them? Your time is now.

Tom White is CEO of iQuantifi. He can be reached at 615-807-2028 or [email protected].