Credit unions should invest in self-service coin counters to better serve millennial customers. Millennials, also known as Generation Y, are young adults born between 1980 and the mid-2000s. This demographic is looking to credit unions more today than their parents did for a variety of reasons, and coin counting machines can provide one extra convenience onsite to increase millennial member retention.
The millennial generation is often on the move. MainStreet, a money management website, noted that credit unions are available in just about every city in the U.S., and the only requirement to become a member is residency in that city. This appeals to young adults who are more mobile than previous generations. The site also reported that according to the Credit Union National Association, 2 million millennials joined credit unions between 2013 and 2014.
Millennials enjoy the swiftness and expertise offered by credit unions. In a world where managing finances is possible through smartphone and tablet technology, immediacy is important. Many financial applications work well with credit unions, offering bargain-hunting millennials an opportunity to personalize their money management. Plus, Gen Y finds their questions are answered in a timely manner when dealing with credit unions. These institutions can build on such conveniences by offering access to self-service coin counters onsite, providing millennial members with yet another reason to come in and maximize their savings.
The Financial Brand advised credit unions to develop a company culture that attracts the Gen Y population. One step toward making these financial institutions millennial-friendly is investing in self-service coin counters. These machines can process up to 4,100 coins per minute with over 99 percent accuracy. Self-service coin counters provide millennials with the efficiency, and independence, they seek. This is a wise investment for any credit union looking to appeal to an ever-growing portion of the U.S. population.
March 18, 2015