Why Credit Unions are the banks millennials need

Sep 19 2017, 2:03 am

When it comes to banking, you may have been grandfathered into your bank. This is where your parents banked, and if it’s good enough for them, it should be good enough for you.

Wrong. You’re a millennial, and as a millennial, you have a whole other perspective on life, coupled with a completely different set of priorities and needs. You need a bank that not only recognizes those needs, but provides solutions.

You’re a go-getting, trendsetting force of nature

As a part of the largest generation in history, you have a lot on your plate. Your entrepreneurial spirit and thirst to constantly learn and grow means that a pre-organized, structured plan would be wasted on you. If you are constantly innovating and changing, you need your bank to keep up.

This is a new time in banking

You don’t just look for the best in banking. You expect it.

In fact, 68 per cent of you believe that banking will change in the next five years, and that the traditional big banks don’t have what it takes. That means that your bank not only needs to be able to provide you with high-quality service, but it also needs to be adaptable to the times.

This includes the ability to go mobile. 65 per cent of millennials reported that they would switch to a credit union if they offered mobile services.

Smartphones are a part of your everyday life. Being able to bank remotely from wherever you are is a level of convenience that, coupled with the unique features they offer, makes credit unions a fit for your lifestyle.

You want rewards and more options from your bank

It has been reported that eight out of 10 millennials would switch their banks for better rewards. Among other rewards, credit unions offer lower interest rates and more flexible financing options.

Big banks may offer lots of options, but it’s difficult for them to give you unique rewards and options based on your needs and wants.

You want personable and helpful, not the corporate schtick

A study by the American Bankers Association reported that 71 per cent of millennials would rather go to the dentist than listen to the corporate schtick that banks present to them. You know the kind of speech we mean. That boring, standard speech about financing options and the dry sales pitch that leaves you more unfocused and confused than before you went in.

You dread it because you know deep down that this isn’t what you need. You want a bank that won’t give you the cold-call scripted approach. You want a bank that will give you custom-tailored options and plans that will provide solutions to your unique problems.

Credit Unions share your beliefs, values and goals

Credit unions are able to provide you with personalized solutions because they don’t just know you as a name connected to a numbered account. They know you as the friendly face they see in and outside of work, because credit unions are a big part of your community.

As a part of the same community, credit unions want similar things. They share your belief in individualized solutions, they want you to achieve all of your financial goals, and they have the same values as their clients.

Banking local helps the buy local movement

Credit unions are, at their core, local businesses. They are owned and operated by people just like you. And when you support local businesses, you are supporting the buy local movement.

It is estimated that if each Ontario family shifted just $10 towards buying local, 10,000 new jobs would be created. Now imagine if you shifted your banking. Credit unions invest locally. This would mean more economic growth, and your community would flourish.

Credit Unions are the bank for your future

If you are looking for a bank that has your back, look no further. Credit unions are responsible for almost 50 per cent of small business loans, which demonstrates that they believe in you, even if other big banks won’t give you the time of day.

And as a millennial, that’s what you need – a bank that believes in you, and gives you the rewards and options you deserve.

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