How Gen Y Financial Satisfaction Affects your Credit Union

Statewide_Ad_Male_Coffee_Shop.pngFiserv, a business partner of Synergent, recently conducted a survey of the financial habits of 3,000 households to see if there was a correlation between member satisfaction and how in control of their finances they felt. Through this survey, seniors (65+) reported they felt the most satisfaction with and control over their finances. Conversely, Gen Y and Gen X had a below average satisfaction rate and a lower sense of financial control.

The survey also found that Gen Y was more likely to use multiple channels, such as branches, ATMs, and call centers, and they used them an average of 3+ times a month. The trend appeared that Gen Y does not want to use the branch very often, but are often forced to because of some of their needs cannot currently be solved through other channels.

According to this study, Gen Y is most likely to need cashier’s checks, money orders, open and close an account and change information on their accounts. They were most interested in improvements to online banking, mobile banking and bill pay; and are interested in real-time account information and alerts.

How can your credit union best utilize this information in 2013? Here are the top three points that came out of the survey:

1) Focus on your Mobile Banking. This is a big topic on everyone’s mind this year, and it can make or break your relationship with Gen Y members.
2) Education and Marketing. Credit unions have a lot to offer Gen Y; so now is the time to educate your members about the services you offer for every life stage.
3) Enhanced Member Service. Service was a significant point of dissatisfaction with Gen Y members who closed an account in the past year. While digital services are important to this generation, there is no substitute for well trained branch staff to answer their questions.

Survey information from an online video presentation by Fiserv’s Boardroom Discussion, 01/09/13