You want more young members. That’s because credit unions have an aging problem – the average member age is mid 50s and yet the median age in the US is late 30s.
Worse, as people enter their late 50s most have diminished interest in loans but they have high interest in big returns on their ready cash.
Which brings us back to the young who of course often have an appetite for borrowing.
Enter Barry Kirby of Union Credit. A veteran of CuneXus, which was founded to help credit unions put more products in the hands of members, at Union Credit Kirby now is helping credit unions bring in new members, especially younger members.
How? In the show, Kirby talks about three tactics that he says are helping credit unions attract the members they covet.
Of course, he’s aware of the ”liquidity crisis” that credit unions obsess about today but that “crisis” will vanish as we move into the next segment of the cycle.
What will remain the same is the credit union’s failure to entice the young with what they want from an FI.