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While it’s critical for credit unions to woo millennials and increase their younger membership, many may not be optimizing their strategies to lure another key market-baby boomers. According to Credit Union Times, there are 74 million Americans aged 55 to 73-and significant things credit unions can do to attract them.

As they strive to entice more senior members, credit unions should note that:

· Baby boomers are significant financial influencers with considerable power over the next generations’ financial decisions. Their children tend to ask for advice and follow their parents’ lead, and may even inherit assets from their financially-sound elders. So, while millennials may be the driving force behind “influencer culture,” boomers are influencing them with regard to their financial future.

· Baby boomers aren’t afraid of technology. Data from Pew Research notes that 79% of Americans between 50 and 64, and 53% over 65, own a smartphone. And 52% of boomers own tablets and 74% have broadband in their homes.

· Boomers continue to grow more responsive to digital as their use of Facebook, Skype and the like increases. Remote family members, children and grandchildren are showing them new ways to communicate and do things online. Therefore, younger generations are actually bringing older generations into the digital age.

· Credit unions excel in personal, down-home engagement. Unlike larger financial institutions, credit unions tend to be more adaptive at meeting the unique personal needs of senior members. For example, boomers may have “dual demands” in wanting both digital and analog experiences. While many older boomers still prefer human interaction, they do use some technology. These conflicting demands tend to pose a bigger challenge to larger institutions who may be laser-focused on things like artificial intelligence and marketing automation.

Even if credit unions feel they have neglected baby boomers for the past few years, they can revamp their efforts with these Six Tips for Catching the Baby Boomer Wave:

1. Look to video as a way to attract seniors. Consider video tutorials or even collaborating with a local community college to offer basic courses in digital banking to assist boomers.

2. Target ads to baby boomers with genuine messaging. Make sure that any ads aimed at seniors are heartfelt and offer useful, relevant financial solutions that can make a difference in their lives.

3. Spotlight financial management services. As boomers age, they naturally think about their future bills and may consider debt services. Consolidating debt now or refinancing at a lower rate can open opportunities for credit unions to offer their services to help seniors better manage their finances.

4. Avoid tired, elderly imagery. Credit unions must ensure that the images they use feature active, on-the-go seniors, as opposed to those that might come across as patronizing or even insulting to older Americans.

5. Employ simplicity. When it comes to printed materials, credit unions should avoid trying to fit everything on one page. Instead, opt for simplicity that presents easily digestible information and easy-to-follow instructions, which will be appreciated by more than the boomer population.

6. Structure senior workshops or individual financial checkups. The “me” generation values their individualism and independence, so help them plan for their individual needs as well as the future financial wellbeing of their offspring. Many boomers are generally healthy and living active lifestyles, perhaps thinking about luxury retirement condos or how to pass on their wealth to the next generation. Present relevant, personalized solutions within a structured setting to help them make the most of their pre- and post-retirement years and beyond.

Sharetec has been beneficial in helping credit unions grow their membership to include baby boomers, millennials and those in between. Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to learn how we’ve helped credit unions increase their numbers, as well as improve functionality, efficiencies and much more

https://www.cutimes.com/2019/09/20/attract-and-keep-members-of-a-certain-age/?slreturn=20200914111748