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Millennials and Gen Z are crucial for the future of credit unions, according to the Madison, Wis.-based Filene Research Institute. That statement appears to be the crux behind Filene's decision to open up a new area of research to identify strategies for credit unions to attract, engage and retain a younger set of members to help the industry thrive in the future.
Earlier this week, Filene Research Institute announced "The Center of Excellence for The Next Generation of Member Growth" to be run by Filene Fellow and founder of Inlay Insights, Kimberly Lear, who is a highly respected generational sociologist.
Kimberly Lear According to Filene, Lear's work at the Center will focus on the following:
- Identify emerging capabilities in both physical and digital channels to reach and convert millennials and Gen Zers into members.
- Identify how products and services will need to evolve and what investments are necessary to meet the financial needs and build trust with the most diverse, multi-ethnic consumer base in history.
- Investigate what promising growth opportunities exist that can simultaneously protect credit unions against fintech incumbents while driving revenue and membership growth.
- Explore key infrastructure requirements to enable personalization of offers and optimization of the member experience to drive higher relevancy and conversion.
- Test marketing strategies and tactics to identify which approaches strengthen brand identity, reinforce value proposition, build loyalty and establish clear points of market differentiation.
The launch of the new Center of Excellence comes as a survey released Thursday by the digital banking solutions Apiture of more than 2,000 banking customers found that consumers are not happy with their primary banking institution. "Although 80% of Gen Z and 75% of millennials have chosen a large bank as their primary financial institution, roughly half of younger consumers are willing to switch to a community bank (52%), online-only institution (50%) or credit union (47%)," the survey stated.
Filene's announcement indicated the new Center has gained a lot of early attention by credit unions and organizations that have signed on to sponsor the research. Those organizations include Bethpage Federal Credit Union ($13.1 billion, Bethpage, N.Y.), Christian Financial Credit Union ($855 million, Sterling Heights, Mich.), Financial Plus Credit Union ($1.3 billion, Flint, Mich.), Fiserv and SRM (Strategic Resource Management).
Lear said, "I'm excited to embark on this journey to explore innovative approaches for credit unions to connect with the next generation — as they hold the key for future growth and sustainability. With my deep understanding of millennial trends and generational dynamics, my goal for this new research center is to provide credit unions with actionable insights that will help build lasting relationships with younger consumers, ensuring their continued growth and relevance for years to come."
According to Filene, the new Center of Excellence will officially launch in July.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
