Credit Union Marketing: How to Bridge the Generation Gap and Attract Gen Z to Credit Unions
The statistics are telling, maybe even frightening: Gen Z represents just 4% of credit union memberships, and the average age of a credit union member is 53.
While credit unions have long thrived on the loyalty of their older members, failing to attract younger members could pose significant challenges for their sustainability and growth. To address this issue, credit unions must recognize the importance of reaching out to Gen Z and embrace modern marketing strategies, including the use of videos.
Why It's a Problem:
Aging Membership Base: Relying heavily on an aging membership base is a long-term risk. As older members retire and withdraw their savings, credit unions could face a decline in assets and revenues if they fail to replace them with younger members.
Missed Opportunities: Gen Z is a financially savvy generation with unique financial needs and goals. Credit unions risk missing out on a valuable demographic that could benefit from their cooperative, member-centric approach.
Why Attracting Gen Z Matters:
Future Growth: Gen Z is the future of the financial industry. Attracting them now means securing a stable and growing member base for years to come.
Innovation and Technology: Younger generations are early adopters of technology and digital banking. Attracting Gen Z can drive credit unions to innovate and offer more digital services, benefiting all members.
Diversity of Perspectives: Gen Z brings fresh perspectives and ideas to the table. Their input can help credit unions adapt to changing consumer preferences and stay competitive.
How Videos Can Help:
Engagement: Gen Z is known for its preference for visual content. Video marketing can capture their attention and keep them engaged. Create short, informative videos about the benefits of credit union membership, financial literacy, and community involvement. You can achieve that through a custom project, or by subscribing to a more budget-friendly ready-made library that customizes videos for you.
Education: Videos are an excellent tool for educating Gen Z about financial topics. Produce video series on budgeting, saving, and investing to empower them with the knowledge they need.
Accessibility: Make your credit union more accessible by offering video consultations with financial advisors. Gen Z values convenience and may appreciate the option to discuss their financial goals through video calls.
Testimonials: Encourage younger members to share their positive experiences with your credit union through video testimonials. Authentic stories from peers can resonate strongly with Gen Z.
Social Media: Utilize social media platforms like TikTok, Instagram, and YouTube to reach Gen Z where they spend their time. Short, engaging videos on these platforms can pique their interest. And remember, YouTube is the largest search engine, second only to Google! When Gen Z wants to learn something, this is where they begin their search.
It’s all about meeting Gen Z where they are. By embracing the preferences of Gen Z, credit unions can build a more diverse, vibrant, and sustainable future for their institutions.