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|Diana Dykstra, CEO of the California and Nevada Credit Union Leagues presents at the CUNA Technology Council and the CUNA Operations, Sales & Service Council conferences|
"Baby boomers helped credit unions grow, but they're deleveraging now and they're not going to become net borrowers again. They're done. Today's net borrowers are age 18 to 34, but that age group is under-represented among credit union members. We have to do something about that," Dykstra said.
According to Dykstra, Generation Y, representing 78 million individuals, is the future of credit union lending. However, 71 percent of this cohort are uneducated about credit unions, and over half of the unbanked belong to Gen Y.
"This generation represents a tremendous opportunity for credit unions, but a lot of younger consumers just don't want relationships with traditional financial institutions," she added.
The greatest opportunity for credit unions tapping into the Gen Y market is mobile banking, which is growing 68 percent a year.
"Branch traffic declined for the first time in 2012," Dykstra said. "About 80 percent of consumers now visit a branch only once per quarter. And their top three reasons for visiting a branch are problem-resolution, to execute a process that's too complex to execute online, and to physically sign a document."