-Survey indicates credit unions must encourage and incentivize digital connections within the family unit-(Access Softek)
Access Softek, an omnichannel digital banking platform provider, surveyed more than 500 credit union members that have adult children in order to expand upon and further understand the results of its previous survey. These new findings present additional areas of opportunity for credit unions to create a strategic difference, especially among families.
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#Survey from @AccessSoftek: 90% of members do not encourage their children to join their #creditunion
The new survey, conducted by Google Surveys between July 9, 2020 and July 13, 2020, found that 42% of respondents had no idea where their adult children chose to bank. When asked why a majority of adult children chose not to bank at their parents’ credit union, most respondents – 55% – cited moving away as the reason why they chose to bank at a different institution. Additionally, nearly 28% cited there was no reason for their children to bank at the same institution as them.
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This highlights a unique opportunity to improve digital offerings in order to better serve remote members. If location is the biggest issue, making the credit union’s services – everything from account opening, to lending, to investing – available digitally is key to keep serving families across generations.
When asked if they would like their children to have an account at the same credit union as them, nearly 90% of respondents were either neutral or to some degree actively wanted separation from their children’s financial institution. Shockingly, 38.2% of respondents stated that they do not want their kids to have an account at the same credit union as them. It will be a challenge on the part of credit unions to turn the tide on this neutrality, especially those that lean toward the negative side.
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