NAFCU Services Blog

By: Hayley Haspeslagh, Product Marketing Manager, Geezeo

Some of you may have cringed at this title—after all, who wants to be associated with the Millennials? We know the stereotype of the generation born somewhere in the 80s and 90s who think they’re entitled to a specific way of life and want to change the world (Feel The Bern!), but let’s take a step back for a second and discuss what we know about Millennials and their relationship with financial institutions.

1. Millennials know little about credit unions.

I won’t lie, I’m a Millennial and had very little knowledge of what being a credit union member meant until I began working for Geezeo. Imagine the confusion of the rest of my peers when they hear they shouldn’t be banking with the Top 10. You won’t get our attention with an ad, but 30% of Millennials indicate they’d switch their banking relationship for one free year of banking, 21% for an enhanced digital experience, and 12% for free coffee (yes, please).

2. Millennials love technology.

We can’t live without it. We have most likely had our phones in our hand since our parents bought us our first around age 13. Your digital experience is key to obtain Millennial members and build lasting connections. In fact, 62% of Millennials link frustration with their bank with tech failure or the inability to carry out an online transaction.

3. Millennials are just like everyone else.

Millennials have expectations… and so do you! Banking can be a chore. When the mobile app is down, who wants to go to the branch? When you need cash, finding the right ATM can be a hassle. All members want a convenient experience using dependable technology to reduce friction. Aside from that? We want an advocate to help us save for each of our goals, pay down our debts and make of financial journey through life as smooth, and easy, as possible.

Millennials are not the only generation, nor do we want to be. A financial institution should build long-term connections with its members through its traditional and digital banking experience.
For a more comprehensive discussion, join Bryan Clagett, Geezeo’s CMO, at the NAFCU Annual Conference and Solutions Expo on Thursday, June 16 at 12:15pm for the session “Perhaps There’s a Millennial in All of Us.”

Geezeo is the NAFCU Services Preferred Partner for Personal Financial Management (PFM).