FICO's report on millennials and banking confirmed that millennials want more text communication with their bank, citing automated account balance updates, bill payment reminders and credit limit warnings as important text alerts they'd like to receive.

Further FICO research revealed that millennials are five times more likely than those over 50 years old to close every account they have with their primary bank and three times more likely to open a new account elsewhere. To encourage loyalty, credit unions will need to stand out and engage millennials in a way that aligns with their lifestyle needs and keeps them happy.

2: Perform a Brand Audit:

Your brand is everything your credit union stands for – products and services, customer service, branch appearance, marketing messages and employees. Any one of these detailscan make or break your brand, which means you need to monitor them regularly and audit them regularly.

“Allowing your brand to deteriorate, or failing to update your brand in response to new, environmental factors like changing demographics or new products, is a major mistake that can cost you your loyal customers and prevent you from finding new ones,” Jayson DeMers , Founder and CEO, AudienceBloom told the Huffington Post.

A brand audit is a performance evaluation for your brand. It gives you the information you need to make the changes that will result in a stronger brand. You need to examine every aspect of your brand and experience through consumers' eyes.

A comprehensive brand audit will often reveal new growth opportunities for your brand, and new ways to make your brand resonate with both existing and a new generation of target customers who will represent your brand's long term future.

3: Stay Current with Social Media:

Social media is a dynamic and ever-evolving landscape. If Facebook is your only footprint in the social media world, you might want to take a look at where other successful credit unions are showing up.

Twitter: One of the main reasons behind having a Twitter account for any credit union is to provide useful information to its audience. Credit unions can link to or post original content regarding new financial and tax regulations, budgeting advice, financial products they offer and much more. To reach a broader audience, credit unions should strategically use hashtags. Also, to use them correctly, credit unions should make the hashtag easy to read by capitalizing the first letter of each word in the tweet such as “#ILoveMyCreditUnion,” the Missouri Credit Union Association recommended.

Pinterest: Credit unions can create a Pinterest page that highlights money saving tips, co-op news, or community-related information.

Credit unions and also pin images of marketing materials at Pinterest. Use photos service for a home equity promo by pinning images of up-to-date kitchens or a hip patio with a pool. To promote an auto loan product, pin photos of cars at a local dealer where a credit union does indirect lending.

Credit Unions can use Pinterest to engage with members through running contests and “re-pin” campaigns to attracting new members.

Credit unions need to be on top of their game in regards to their social media accounts. They need to develop a game plan. With a few key ideas, organizations can turn a boring and useless account into a member-generating profile.