Financial wellness + millennials and Gen Z = a huge opportunity for credit unions.
At least for the credit unions that approach wellness for that age cohort with the right tone of voice and mindset.
That’s the core advice offered in this show by Doug Brown, president NCR Digital Banking. Before that he was at FIS and before that, in 2007, he launched Bank of America’s mobile app.
Brown brings personal experience to this discussion because he has two adult children currently living at home – and, yes, he talks finances with them and in the process has picked up insights into how best to communicate about dollars and cents to younger generations.
His advice to credit unions is to get financial wellness tools – ones especially tailored to Gen Z and Millennials – built into the mobile app. That’s what NCR is offering and the reasoning is simple. Those age groups use phones throughout their waking hours. They are accustomed to notifications via the phone and they read them.
Aren’t a lot of them drowning in student debt? Brown offers insights into this issue and he also discussed how credit unions can help show a way out of this indebtedness. It may take time, it will take a plan, but there are ways out.
A bottomline message of this show is don’t give up on bringing in younger members. It may seem hard. But young members are the future.