How Credit Unions can offer a better experience to Generations Y and Z

The webinar "How Credit Unions Can Offer a Better Experience to Generation Y and Z" focuses on how credit unions can effectively engage younger generations by leveraging modern technology, especially in areas like CRM (Customer Relationship Management) and marketing. Here's a comprehensive overview and summary of the webinar's key points:

Introduction

• The webinar begins with the hosts, Sebastian, founder of Solution Metrics, and Rebecca from Rain, introducing themselves and the companies they represent. They emphasize the importance of this discussion for credit unions aiming to engage with Generations Y (Millennials) and Z.
• One of the primary reasons credit unions need to focus on these generations is the significant shift of wealth, estimated at $70 trillion, expected to change hands by 2045. Credit unions need to ensure they are part of this wealth transition by better engaging with these younger members.
• Credit unions have a natural advantage because both Gen Y and Z are attracted to socially responsible and ethical organizations, traits commonly associated with credit unions.

Webinar Content Overview

The webinar covers several key topics, focusing on how CRM and marketing strategies can help credit unions engage with Generation Y and Z. Each of the following sections is paired with practical use cases to demonstrate these strategies in action:

1. Marketing to Generation Y and Z

• Digital-first approach: Credit unions need to engage these generations on platforms like TikTok, YouTube, Instagram, and Snapchat.
• Authenticity: Messaging should be transparent and align with Gen Y and Z’s values, focusing on ethics and social responsibility.
• Visual storytelling: High-quality visuals and short-form videos (under 30 seconds) resonate best with these audiences.
• Mobile-first design: Ads and content should be optimized for mobile, as Gen Y and Z primarily engage through their smartphones.

2. Streamlined Member Onboarding

• Use case: A 25-year-old member, Anna, opens a credit union account for an auto loan. Credit unions can use CRM to personalize the onboarding process, offering relevant financial products like checking accounts or budgeting tools.
• Omni-channel integration: The CRM allows for smooth onboarding through various digital channels, ensuring a seamless experience for new members.

3. Transparency and Trust

• Use case: A 22-year-old member, Sophia, is concerned about online fraud. CRM can help build trust by offering multi-factor authentication, clear communication on data usage, and transparent privacy policies.
• Security messaging: Gen Y and Z are more likely to trust institutions that clearly communicate security features like encryption and two-factor authentication.

4. Education and Financial Literacy

• Use case: A 26-year-old, Jake, is opening his first credit card. CRM and marketing strategies can be used to offer educational content on financial literacy, such as budgeting tips, responsible credit use, and homebuyer seminars.
• Personalized content: The CRM can send personalized messages or even initiate conversations via Facebook Messenger or other platforms to guide members through their financial journey.

5. Providing Innovative Financial Products

• Use case: A 30-year-old, Sarah, has just bought her first home. CRM can help credit unions offer personalized products like home equity lines of credit, refinancing options, or high-interest savings accounts.
• AI-driven personalization: AI capabilities within CRM can recommend relevant financial products and engage members through proactive outreach and support.

6. Digital Convenience and Accessibility

• Use case: A 29-year-old, John, prefers convenience and opens an account online. The CRM can ensure a smooth, automated onboarding process and offer self-service options for uploading documents or tracking loan status.
• Automated communication: The CRM can keep members informed in real time about the status of their applications, loans, or other services, reducing the need for them to contact support centers.

7. User Experience and Omni-channel Communication

• Use case: A 28-year-old, Maria, uses a mix of digital tools and branch consultations. The CRM allows seamless transitions between communication channels (web, email, mobile, chat) and ensures consistent messaging and service across all touchpoints.
• Omni-channel engagement: Members can switch between different communication channels without having to restart the conversation, and all their interactions are recorded within the CRM for personalized follow-ups.

Conclusion

The hosts conclude by highlighting the importance of integrating CRM and marketing strategies to engage Generation Y and Z effectively. They stress that credit unions don’t need to overhaul their systems overnight but can start by progressively implementing these strategies. The focus is on enhancing operational efficiency and delivering a personalized experience to attract and retain younger members.

The webinar effectively outlines how credit unions can position themselves to engage with the next generation of members. By leveraging CRM systems and modern marketing techniques, credit unions can offer a personalized, transparent, and seamless digital experience that aligns with the values and expectations of Generations Y and Z. The strategies discussed include creating digital-first marketing campaigns, offering innovative financial products, streamlining onboarding processes, and maintaining an omni-channel presence to enhance the user experience.

This approach allows credit unions to stay competitive in a rapidly evolving digital landscape while staying true to their core values of community and member-centric service.