Credit unions can build on strong customer service principles by utilizing more accessible ATMs. These offerings provide additional convenience for members, which is an increasingly popular preference.
Much has been made about Generations X and Y's preferences when it comes to community banking and credit unions. While competitive rates were top at the list for many, members were also interested in flexibility and accessibility, especially regarding ATM locations, according to Credit Union Times. Many millennials and Gen X individuals are on the move often, and many others intend to relocate and want to ensure they can visit a different location of the same credit union.
Many people in the financial industry believe millennials are driving the trend of mobile banking and payments, but this generation's primary concern is being able to easily access its money when they need it, the article stated. This why a wide range of ATM locations is so important to young adult members.
Both Generation X and Y prioritized the customer experience at credit unions as well. Financial institutions need to build on the strength of their client services with additional offerings that add convenience, such as ATMs.
ATM strategy can be a valuable area of business development
Credit unions need ways to raise their profiles within their local communities, which can be a valuable way to attract new members, according to Credit Union Magazine. As millennials gain more financial power, they will be looking to make investments or take out auto loans. However, they also want to manage their money in one place and for the process to be as convenient as possible. Accessibility to ATMs can improve millennials' overall experiences with credit unions. This ensures financial institutions will have more sustainable membership growth over time.
July 17, 2014