ST. PAUL, Minn. (5/30/12)--The Minnesota Credit Union Network (MnCUN) has partnered with the Filene Research Institute to offer state-specific research on how Minnesota credit unions can attract and retain Gen Y members.
The analysis incorporates more than 10 years of young adult research conducted by Filene into opportunities and challenges facing Minnesota credit unions in serving Gen Y.
Using Minnesota demographic information, the Filene report outlines the distinct characteristics, behavioral trends and financial needs of 18-34 year olds in the state.
Keeping in mind the range in size and access to resources among Minnesota credit unions, the report makes "good, better, best" recommendations. Credit unions of all sizes can customize the recommendations to meet their needs, strategic initiatives and long-term goals.
Filene provided five primary recommendations:
- Identify the specific needs of Gen Y;
- Enhance young adults' awareness of credit unions;
- Enrich products that appeal to Gen Y members and meet their needs;
- Engage credit union employees in outreach strategies; and
- Measure success.
"This research helps to tackle the ever-growing challenge facing the credit union movement, which is how credit unions can effectively capture, develop and nurture the next generation of credit union members," Mark D. Cummins, MnCUN president/CEO. "More than just providing data on this problem, Filene's report takes the analysis one step further by offering practical action steps that credit unions can implement."
Working with the Filene Research Institute, a credit union advisory group helped to shape the report and ensure that it was practical for Minnesota credit unions.
Committee members included:
- Harry Carter, TopLine FCU, Maple Grove;
- Marty Kelly, U.S. FCU, Burnsville;
- Bridget Moeller, Greater Minnesota CU, Mora;
- Russ Plunkett, Postal CU, Woodbury; and
- David Sawin, Minnesota Catholic CU, Little Canada.
In addition to the written report, Filene is delivering the research results in different formats, including a webinar series and video summary of the recommendations. Individuals can view the video online. Use the link.