Credit unions risk losing younger members to banks. Nearly one-third of members under 40 say they will "probably" or "definitely" leave within a year because of fees, according to J.D. Power's latest survey on credit union satisfaction.
CUs haven't communicated effectively about fees, they've offered little advice on how to avoid them, and they've been slower than many banks in reducing or eliminating overdraft and other charges. Meanwhile, lots of banks now offer no-overdraft accounts, proactive alerts, clearer fee disclosures, and other services that resonate with financially strapped younger customers.
Banks seeking to appeal further to younger customers can review these resources for attracting Gen Z and millennials, adapting to Gen Z banking, and tailoring services to the next generation.
Has your institution made any changes to its fee structure in recent years? Has it changed the way it communicates with younger customers? And has it attracted any younger CU defectors?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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