Attracting next generation members is crucial for any organization’s long-term health and vibrancy. This goes beyond traditional methods. It involves embracing innovative strategies for younger generations. These digital natives have different values than older members. It requires adjusting membership benefits, communication styles, and overall engagement tactics.
Attracting the next generation also requires understanding generational trends and engagement preferences. Let’s explore actionable steps your organization can take to tailor recruitment strategies for these younger professionals.
Understanding the Next Generation Landscape
Before discussing strategies, it’s essential to understand who these next-generation members are. Millennials (born 1981-1996) and Gen Z (born 1997-2013) are the major demographics. Each group has unique values that shape their preferences, including their banking habits.
Breaking Down Millennial Banking Tendencies
Millennials grew up during rapid technological change. As a result, they:
- Value community and experiences
- Are tech-savvy, but not digitally native
- Prefer online banking and mobile banking apps
- Are likely to switch banks if they don’t meet their digital expectations
- Value rewards and personalized offers
- Are interested in financial education and planning tools
- Prefer banks with a strong online presence and social media engagement
Sorting Through Gen Z’s FinTech Tech Stack
Gen Z grew up fully immersed in digital connectivity. As a result, they:
- Appreciate authenticity and transparency in banking
- Expect seamless digital experiences and mobile-first design
- Value social impact and want to know how their banking habits can make a positive difference
- Demand immediate feedback and real-time updates on their accounts
- Are interested in digital wallets and contactless payments
- Prefer banks with a strong social media presence and influencer partnerships
- Are open to alternative banking models, such as neobanks and fintech startups
Banking Preferences Shared by Both Generations
When it comes to banking, both millennials and Gen Z:
- Prefer online and mobile banking over physical branches
- Value convenience, speed, and ease of use
- Expect personalized services and tailored financial advice
- Are interested in innovative banking products and services
- Are open to switching banks if their needs are not met
Understanding these preferences is crucial for credit unions to develop effective strategies to attract and retain the next generation of potential members.
Strategies for Attracting Next Generation Members
1. Craft a Compelling Value Proposition
Attracting next generation members starts with a strong value proposition. It should answer the question, “What’s in it for me?” Younger groups aren’t necessarily against joining organizations.
Some aren’t even aware they’re eligible. Clearly show why membership is valuable. To do this, credit unions should display competitive benefits programs on the association’s website, highlighting the advantages of membership. Additionally, having professional support and career paths in place for career advancement can also help attract and retain younger members.
2. Digital-First Member Engagement
Prioritize digital channels to reach this demographic. This includes targeted social media ads. Gen Z is especially drawn to visual content and short videos. Consider creating online learning content. Focus content on career planning and benefits programs for each specific generation.
Engagement methods vary depending on the target group. Company blogs are less successful with Gen Z than other formats, according to Campaign Monitor research.
3. Revamp Membership Benefits
To truly appeal to younger generations, credit unions must go beyond traditional offerings and provide continuous learning opportunities. This can include:
- Online financial education programs that empower members to take control of their financial futures
- Access to webinars, workshops, and other resources that foster lifelong learning and skill development
- Partnerships with online learning platforms to offer exclusive discounts on courses and certifications
- Financial literacy programs tailored to specific life stages, such as buying a first home or planning for retirement
By providing these opportunities, credit unions can demonstrate a commitment to their members’ long-term success and well-being, while also attracting and retaining younger generations who value lifelong learning and skill development.
4. Embrace AI Technology for Personalized Experiences
To attract next generation members credit unions can leverage AI-powered bots to provide personalized financial guidance, education, and support on a 24/7 digital platform. These intelligent bots can help credit unions:
Educate and Empower Young Members
To truly engage and empower young members, credit unions must provide comprehensive financial education and personalized guidance. This can be achieved by offering interactive financial literacy programs and workshops, which provide members with a deeper understanding of personal finance and money management – a key need for Gen Z.
Additionally, credit unions can leverage AI-powered bots to provide personalized financial planning and budgeting tools, helping members set and achieve their financial goals, and building trust through 1:1 guidance that meets the expectations of these generations. These AI bots can also deliver targeted financial education and resources, such as videos, articles, and infographics, to members based on their individual needs and interests, providing them with the tools they need to be successful and keeping them engaged with the credit union.
Furthermore, AI-powered chatbots can offer 24/7 support, answering members’ questions and providing instant guidance, making it easy for young members to get the help they need, when they need it.
Personalized Financial Planning for Life-Long Membership
To foster life-long membership, credit unions must provide personalized financial planning that caters to each member’s unique needs and goals, particularly among Millennials and Gen Z who value tailored and tech-enabled experiences.
By leveraging AI-driven insights, credit unions can create customized financial plans that take into account each member’s individual financial situation and objectives. This personalized approach is essential for building trust and loyalty among younger members who expect financial institutions to understand their unique financial aspirations and challenges.
AI-powered bots can then offer personalized financial advice based on their personal information, empowering members to make informed investment decisions that align with their goals.
Furthermore, these AI bots can provide proactive financial alerts and notifications, keeping members informed and on track with their financial plans, and ensuring they receive timely and relevant guidance throughout their financial journey. By providing this level of personalized support, credit unions can establish themselves as trusted partners in the financial lives of Millennials and Gen Z, and set themselves apart from traditional financial institutions.
Cross-Selling and Upselling Opportunities
To maximize revenue and enhance the member experience, credit unions can leverage AI-powered bots to identify cross-selling and upselling opportunities, particularly among Millennials and Gen Z who value personalized and efficient interactions.
By using AI-driven analytics, these bots can suggest relevant products and services to members, increasing the likelihood of successful sales. Additionally, AI-powered bots can offer personalized product recommendations, tailored to individual member needs and preferences, ensuring that members receive targeted and relevant offers that resonate with their unique financial goals and aspirations.
Furthermore, these bots can enable seamless integration with existing credit union systems, streamlining the sales process and enhancing the overall member experience.
By providing a personalized and efficient sales experience, credit unions can increase revenue, improve member satisfaction, and strengthen relationships with Millennials and Gen Z, who are increasingly looking for financial institutions that can meet their evolving needs and expectations.
FAQs about attracting next generation members
How to attract the next generation?
Focus on mobile-first experiences and flexible options. Highlight relevant benefits catering to career aspirations and social values. Foster an online community where younger members can interact.
How do I attract people to my membership?
Attracting next-generation members to your membership requires a multifaceted approach tailored to the preferences of Millennials and Gen Z. Start by crafting a compelling value proposition that clearly communicates the benefits of membership, highlighting competitive advantages and career advancement opportunities. Prioritize digital-first engagement strategies, including targeted social media ads, visual content, and online learning resources focused on career planning and financial education. Revamp your membership benefits to include continuous learning opportunities, such as online financial education programs, webinars, and partnerships with learning platforms, while leveraging AI technology to provide personalized experiences, including 24/7 financial guidance and customized financial planning.
Who are the next generation consumers?
Gen Z and Millennials are the next generation of consumers. Born between 1981 and 2013, they range from college students to early career professionals. They value practicality, financial soundness, inclusivity, and sustainability. Provide these younger generations with the support they need for success in their early careers.
Conclusion
Attracting next-generation members requires a comprehensive approach that addresses their unique preferences and values. Credit unions must craft a compelling value proposition, adopt digital-first engagement strategies, and revamp membership benefits to include continuous learning opportunities.
Leveraging AI technology can provide personalized experiences, such as 24/7 financial guidance and customized financial planning, that appeal to tech-savvy younger generations. Offering interactive financial literacy programs and utilizing AI-powered analytics for cross-selling and upselling opportunities can help build long-lasting relationships with Millennials and Gen Z.
By implementing these strategies, credit unions can attract and retain next-generation members, ensuring their long-term viability and growth.
