February 7, 2023

4 Ways to Market Your Credit Union to Gen Z

Your credit union may already be booming, but there is always room for more members, right? One of the biggest current targets for any business, including the credit union industry, is Gen Z – which includes anyone born during or after ’97 and now makes up over   20% of the U.S. population. And like all generations, there are specific credit union marketing strategies to target this growing segment. So, what methods can your credit union or financial institution use to draw in this younger crowd?

4 Ways to Market Your Credit Union to Gen Z

Offer Financial Courses Designed for Gen Z Needs

Gen Z worries about day-to-day finances. According to Deloitte’s Global 2022 Gen Z and Millennial Survey,   46% of Gen Zers live paycheck to paycheck  and are concerned that their take-home pay isn’t going to cover the bills. This cohort is also an avid proponent of the “side hustle,” with 43% taking on an extra part- or full-time job.

Your credit union can help ease Gen Z finance worries by offering digital financial literacy courses. If you do not have the staff to run an entire class (30 minutes), tap into social media and post quick “money tips” in the form of a Tiktok video or an Instagram story. A best practice is keeping video content around the minute market anyway.

Some topics that they may be interested in include:
  • Money management
  • Smart debt management to educate Gen Z on why they need to build credit (because having a credit card isn’t necessarily a bad thing). A discussion on this topic can include more information on credit reports, what they contain, and why they’re important
  • Budgeting skills
  • Renting versus Buying
  • How to tackle large purchases, such as a home or a vehicle

When you craft this content, you’re creating value for your upcoming members – and this value, which isn’t sales-driven, can help build loyalty that will last decades. You’re showing them that you and your credit union team are there to help improve their financial futures.

Be Active on Social Media

While many businesses focus on LinkedIn and Facebook, Gen Z prefers other social media sites and apps. YouTube reigns supreme, with 95% of teens  saying they’ve used it. Not following far behind is TikTok, with Instagram as a close third. Instead of focusing all of your credit union social media efforts on FB and LI, try adding TikTok and Instagram to your marketing mix. With both Facebook and Instagram being owned by Meta, you can easily cross-publish in the Facebook Business Manager. You’ll be able to get your content out to different demographics in one place.

Finetune Your Digital Presence, Including Your Google Business Profile

Gen Z is known for researching brands and often checks social media and review websites before choosing a brand. So, while it’s essential to be active on social, it’s also equally as necessary to maintain your website and have a Google Business Profile. Ensure your GBP is filled out with your team actively soliciting reviews. This isn’t just important for local SEO but also because your Google Business Profile shows up on both the search engine result page and the Google Map Pack.

Talk to their Parents About Gen Z-Centric Features

Your current member base may be an excellent place to start when it comes to targeting Gen Z. Get to know your members and determine if they have family members in this age range. If they do, ensure you’re equipped with marketing materials about your credit union software solution that they can bring back home. Some materials – and related talking points – that would be aligned with Gen Z’s wants and needs include:

  • Being able to manage their finances 100% from their smartphone, which is possible with Sharetec’s credit union core software
  • Easy, “mindless” ways to save, such as Sharetec’s Debit Card Roll Up. Instead of having to put money into a savings account consciously, Sharetec will automatically roll up any debit transaction to the nearest dollar and put the difference in savings
  • The ability for members to quickly transfer money from their credit union app to other finance and investment apps, which is often enabled through your core’s third-party integrations. Gen Zers are big proponents of paying friends with Venmo, buying stock on Robinhood, and quickly investing a few bucks in Acorns – making this money transfer feature a hot topic

Talk to their Parents About Gen Z-Centric Features

No matter what strategy you choose to implement, you want to build a relationship with your Gen Z prospects and members. Gen Z has seen a lot when it comes to finance and money. With COVID-19, talks of recessions, and layoffs, they’ve been through some turbulent financial times and witnessed what their parents and family members have had to tackle. So, it is up to credit unions to build trust and credibility with this up-and-coming generation to show them that they’ll help their members overcome these complex challenges. Your strategy should show you care and have the products, services, and support aligned with their unique, modern needs.

Considering Upgrading Your Credit Union Core Processing Software?

Could your credit union use a technology boost? Are you babysitting a legacy core processing software that doesn’t offer the features your members, including Millennials and Gen Z, crave? Then it’s time you spoke with Sharetec! Whether you are in the process of choosing a new credit union core or are just exploring future alternatives, now is the time to reach out to our team. Learning about our bold, innovative technology, the abundance of third-party integrations, and unparalleled service and support will only take a few minutes. Give us a call at 844-802-4441 or click here to contact us directly.

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