In January I was featured in a commentary on Credit Unions and Gen Y on the Credit Union Times website. In the feature I present a counterpoint to a previous opinion piece that argues against the pursuit of digital solutions that appeal to a younger demographic by credit unions.
My commentary outlines inaccuracies in calling the Millenial generation a lost generation to credit unions and financial institutions and more importantly calls out the fallacy that aligning digital strategy in credit unions or any organization is an appeal to only a younger generation.
I talk about the advent of technology in all generations and the affect of the diffusion of innovation and how businesses should look to early adopters regardless of the gernation they belong to to analyze and make strategic decisions about what technologies to adapt to as additional crops of consumers adopt technologies and trends take hold. Here’s a preview.
Credit Unions and Gen Y
A few weeks ago there was an opinion piece in Credit Union Times(“Gen Wait: Millennials Underbanked, Underfunded.” Jan. 13, 2014) that seemed to suggest that the Millennial generation, those born somewhere between the early 80s and the early 2000s, were a lost generation.
In many ways the net generation has its fair share of battle scars. The piece correctly cites the mile-high student loan debts, however arguably provides some questionable advice to credit unions adapting to the digital era and what role millennials play in influencing digital strategy.
The largest generation, not the small and over-indulgent
Ignoring what’s become the largest generation since the boomers puts any business, especially credit unions at risk. Depending on where you look and how they mark the beginning and end of the generation, the size of the population ranges from the same as the boomers according to Pew Research, 76.3 million or 27.4% of the population (1% more than boomers) to 86 million or 7%larger than the boomers according to Barron’s. The Brooking’s Institute even reports the generation is 30% larger than the boomer’s.
You can read more of the commentary here: http://www.cutimes.com/2014/01/28/gen-y-and-credit-unions-debate
If you’d like to learn more about my credit union marketing consulting and speaking, get in touch.