01.19.22
Gen Z and Millennials Favor National and Online Banks, Survey Shows — What Does That Mean for the Future of Credit Unions?
by: Nicole Spector
A new survey by GOBankingRates found that Gen Z and millennials are less likely to bank with credit unions than they are with national and/or online banks. One reason that credit unions are lagging lies in their failure to make themselves known as an option. “In general, young people have less exposure to and understanding of credit unions than previous generations,” said Matthew DiGangi, a MassMutual executive in the strategic distribution division and a Bank Insurance and Securities Association leadership advisory board member. “In-person banking is still a key component of building a relationship with a customer and the more consultative discussions, such as college planning, retirement planning, insurance needs, investment advice, etc.”
Read the full article on GoBankingRates.com