Study shows ways to win and keep millennials

A recent Gallup poll indicates millennial preferences in using financial institutions, which could give credit unions insight into how to win their business. According to the study: Millennials are least likely to visit a branch, but most likely to use mobile and online banking In-person experiences produce the most customer engagement Mobile banking apps must […]

A recent Gallup poll indicates millennial preferences in using financial institutions, which could give credit unions insight into how to win their business. According to the study:

  • Millennials are least likely to visit a branch, but most likely to use mobile and online banking
  • In-person experiences produce the most customer engagement
  • Mobile banking apps must be as good as the best-designed apps overall

According to the Gallup summary, this digital generation is most likely to use both online (92 percent) and mobile (79 percent) channels — and they tend to use those channels more frequently than older generations.

“In contrast, only 66 percent of millennials visited a brick-and-mortar bank branch in the past six months, compared with 81 percent of baby boomers and 80 percent of traditionalists,” the article says. Read more here.

 

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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