Acquire and connect with the next generation of your credit union members – CUInsight

February 6, 2024 | by

Publisher’s Note: CUInsight and Greenlight Financial Technology invite credit union leaders to join our upcoming free webinar on Wednesday, February 14th titled,  “Engage and Empower: How Power Financial CU successfully connects with Gen Z, Gen Alpha, and their families.” We hope you’ll join us! Register here.

In the rapidly evolving landscape of financial services, a constant challenge presents itself to credit unions: how to grow with the next generation and adapt to their needs in a cost-effective way?

Reaching the next generation of credit union members starts by meeting Gen Z and Gen Alpha on their preferred platforms. It’s no secret that a mobile experience and social media are the cornerstones of these generations, and as credit unions start to explore new ways to create value for their members this is a good place to start. However, by the time a potential member is old enough to enjoy such online content, they may already have committed to their first financial institution.

Furthermore, Gen Z accesses financial services through their phone; the experience needs to be easy to use, and integrated with other tools they have in their rotation. But such technological investment can be resource and cost-intensive. This presents a unique opportunity to partner with fintechs to bridge this gap. While fintechs can’t replace the trusted guidance that comes from an established credit union, they can help bolster the offering to provide a seamless mobile platform and engaging financial education content.

With Greenlight, the loved and trusted family banking and financial literacy app, your credit union can offer value to your existing members while guiding future members, and their children,  through their financial journey in one co-branded experience. Kids and teens are empowered to build healthy financial futures, and you get to grow your reach. Through the interactive in-app game, Level Up, users will learn money skills they can use today, tomorrow, and for life.

Many credit unions have already acknowledged the synergies offered by Greenlight’s experience for their members and their children. Says Tansley Stearns of Community Financial Credit Union in a recent webinar, “Listening to our members’ challenges is key to identifying the right fintech solutions …We were hearing from parents who were frustrated with the limitations of traditional debit cards for their kids. Greenlight’s prepaid debit card with parental controls fit that need perfectly, and it’s been a huge hit with our members.”

Allan Prindle of Power Financial Credit Union has also recently turned to a partnership with Greenlight. “At Power Financial Credit Union, we firmly believe in fostering financial literacy from an early age, and this collaboration with Greenlight is a testament to that belief. By investing in cutting-edge fintech partnerships like this, we are not only transforming our members’ banking journeys but also sowing the seeds of financial education for the next generation,” says Prindle.

Credit unions and Greenlight Financial Technology have shared values and goals; both are committed to helping families build healthy financial habits. Identifying the right turnkey tech solution to acquire and retain the next generation begins with honing in on member challenges. For frustrated parents who feel limited by traditional accounts, and are unsure how to provide financial education for their kids, a fintech partner like Greenlight could be the first step in successfully engaging with Gen Z, Gen Alpha, and their families.

If your credit union is exploring innovative paths for boosting future member growth and engagement, learn more on February 14th, with CEO of Power Financial Credit Union Allan Prindle, where he and Allison Kindard of Greenlight Financial Technology will discuss what they’ve learned about youth member’s unique preferences, evolving financial needs as well,  and share best practices for how innovative credit unions can harness the power of fintechs to drive transformation.


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