The Credit Union Generation Barrier.
On the show today is Melissa Krut, VP of Success at Sogolytics, a Herndon Virginia based firm that focuses on data driven analytics that answer questions such as how satisfied are a credit union’s employees, how satisfied are members, and more.
Krut is here to discuss Sogolytics data driven approach and also to elaborate on a recent Sogolytics report that documents the disconnect between younger Millennials and Gen Z and credit unions.
That’s a disconnect that couldn’t happen at a worse time for credit unions as their Baby Boomer base erodes in numbers.
Here’s one finding: “Nearly half (49%) of Gen Z say they’ve heard of credit unions but don’t understand how they work. Perceptions of being outdated persist: 17% view credit unions as “for older people,” while another 17% believe they are “not modern enough.”
Ouch
There’s lots of data in the report but, Krut stresses, the data also open doors to better communicating to Millennials and Gen Z.
By no means is this a battle lost.
And Sogolytics offers plenty of pointers about what a credit union can do to better appeal to younger potential members.
