Member Service Advocate • Credit Union Young Professional • Cycle Breaker • Aspiring Author
This is an incredibly insightful article! This point stands out: “Service is the goal.”
"Expecting credit unions to ignore the new realities is unrealistic. That said, we cannot ignore the fact that the organizational and structural lines between credit unions and traditional banks are increasingly blurred."
The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. I'm very excited to share this article that I helped co-author with some of my colleagues (Jeffrey Brown, Atanas Stoyanov, and a few others). We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/eMpACrp9 #McKinseyInsight #CreditUnions #Members #Survey
CUSOs offer vast and powerful advantages to credit unions everywhere.
This new article my colleagues and I wrote sheds an important lens into the Six imperatives for credit unions to secure their future. Credit unions have played a very important role in financial services and financial inclusion in the US since the first credit union was founded in 1908, and have had a strong run in recent years (they now account for ~10% of industry deposits and ~140M members, and have outgrown banks since 2018).However, the demographic challenge facing credit unions is real: their membership is aging (Gen Z and Millennials comprise of 31% of credit union members vs. 41% of bank customers), and younger generations tend to see relatively less value than older ones with them. Credit unions' share of new account openings has declined as a result.The good news is the underlying mission and values of credit unions align very well with those of younger customers. The bad news is credit unions need to do substantial work to gain momentum with them. However, if they are successful, credit unions can fundamentally reposition the movement. More here: https://lnkd.in/ex72VPJn with Atanas Stoyanov Jeffrey Brown Michael Kirchner Suhas Gudhe Darius Imregun Peter Noteboom Pradip Patiath Read in detail here: https://lnkd.in/eBsHHuzt #McKinseyInsight #CreditUnions #Customers #Survey
The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/gu3y28xX #McKinseyInsight #CreditUnions #Customers #Survey
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The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/gDWdiDsx #McKinseyInsight #CreditUnions #Customers #Survey
The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/dNyfNBEV #McKinseyInsight #CreditUnions #Customers #Survey
The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/dFz8jS2R #McKinseyInsight #CreditUnions #Customers #Survey
Recruiter @ McKinsey & UT Austin McCombs Lecturer | ex-Dell & ex-Cision | Volunteer | UTSA Alumnus
The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/gcEe79ua #McKinseyInsight #CreditUnions #Customers #Survey
The demographic challenge facing US credit unions is real: their membership is aging, and younger generations tend to see relatively less value than older ones with this type of institution. We explore in our recent article “Six imperatives for credit unions to secure their future” core strategies that can help credit unions attract younger consumers. Read in detail here: https://lnkd.in/eTSepmp9 #McKinseyInsight #CreditUnions #Customers #Survey
Let's talk about the NEW credit union difference! Imagine if we could tell the story about working together to create economies of scale for small credit unions so they don't have to merge AND working together to START new credit unions! 🥂 #peolehelpingpeople #newcredituniondifference
