In less than a year, COVID-19 has spread to every corner of the globe, making personal isolation the norm rather than the exception. The traditional factors that credit unions could rely on to appeal to prospective members are being eroded by the rapidly accelerating shift away from the branch.
The ability to deliver comprehensive and secure financial services through digital channels is now paramount to attracting new members.
Consumers everywhere have broadened and deepened their reliance on digital channels while eschewing storefronts, including those of credit unions, where branch visits have declined by nearly a third. All the while, a vast new playground for cybercriminals has been built.
Cybercrime has surged in recent years and particularly during COVID-19, severely affecting credit unions, banks, and fintechs that were unprepared. These factors have driven financial institutions of all stripes to revisit their digital strategies and rethink what it will take to be successful going forward.
Among no group are the expectations for a digital experience higher than Millennials and their younger Generation Z peers, who now make up more than 50% of the U.S. population.
While meeting their expectations isn’t always easy, these younger consumers are largely underrepresented among overall credit union membership. Being able to deliver on their digital expectations during this period of disruption presents a major opportunity to turbocharge growth.
To successfully attract these new generations, credit unions must deliver a personalized digital experience that empowers young consumers in every aspect of their financial health – with a special emphasis on identity safety.
Although their parents and grandparents enjoyed decades of safe, trust-building relationships with credit unions, young adults’ financial lives are being acutely shaded by cybercrime, just as they are building nest eggs, buying homes, and managing the finances of their fledgling households for the first time.
Continue reading about …
• Why individual identity is so important to younger generations
• How digital-first competitors are challenging traditional FIs for young consumers
• Why identity security is now integral to financial health
• How the problem of data breaches can become a trust-building opportunity
… by downloading the full (free!) report, Winning New Generations of Members with Personalized Identity Safety.