Executive Summary
Credit unions need to attract younger members, talented young professionals, and a new generation of volunteers. Since its inception in 2007, the Filene Research Institute’s 30 Under 30 group has worked toward these goals.
In 2007 Filene invited talented young credit union professionals from around the country to apply for a spot to innovate alongside their peers. The final 30 Under 30 group emerged from 167 applicants. For several months, the group focused on research and information gathering regarding millennials’ financial habits and needs. Later, members broke into smaller groups to develop business innovation plans to help credit unions better serve this emerging young group.
What is the research about?
This report highlights 10 business plans, each of which aligns a facet of young adult life with credit unions’ needs. From recruiting programs to innovative savings products, and from volunteer panels to employee consulting, this national group of rising credit union talent shows what kind of innovation is needed to keep credit unions relevant and essential for a new generation of members and leaders. Ideas were generated for younger members, for talented young professionals, and for younger volunteers.
What are the credit union implications?
The aging of credit unions’ membership is only the iceberg’s tip of the challenge the industry faces. Marketplace and regulatory realities will continue to change at a breakneck pace, and financial institutions of all stripes risk obsolescence if they can’t stay ahead of that change. Engaging ambitious young professionals and giving them enough room to suggest, to improve, and to innovate will be essential for credit unions over the next 10 years.
This report is sponsored by PSCU Financial Services, the Credit Union Executive Society, Fiserv, and the Corporate Credit Union Network.
