How To Meet Your Members Where They Are!
Financial Institutions are not just in competition with other Banks, Credit Unions, or FinTech’s. They are in competition with Target, Netflix, Amazon, and Costco. Ten years ago, if you were to tell someone a package would take 5 days to get to their doorstep and they would have to pay $15.00, people would gladly pay the fee. Today, if a package takes more than two days, and you tell them there is a fee for shipping, they shop somewhere else. It makes sense, your last experience creates your next expectation.
Several recent studies are shining light on interesting insights on how members are currently shopping. Here are the break downs by demographic:
A recent study conducted by FirstInsight revealed some interesting insights into the online shopping habits of Gen Z. 73% of respondents said that they shop online, and a majority of those shoppers (60%) said that they do so at least once a week.
85% of Generation Z learn about new products from social media. This is according to a recent study by Bluecore that was conducted in 2016. This is a significantly higher number than any other age group. Interestingly, the second most popular way that Gen Z consumers find new products is through online videos, at 54%.
Millennials, remain the key age demographic for online commerce, spending more money online each year than any other age group. These consumers spend around $2,000 annually on e-commerce, despite having lower incomes than older adults.
Gen X may be rooted in tradition, but they’re embracing the digital age willingly. With social media playing an important role around the world, it’s quickly becoming one of the top strategies for brands to attract new customers, and it works. More than half (51%) of Gen Xers have purchased an item through social media, and 68% said they got what they expected.
Surprisingly, every older generation surveyed, from Millennials to the Silent generation, was less likely to rank in-store shopping at a brick-and-mortar store as an influence for making a purchase.
The biggest fallacy around digital shopping is that only the younger generation cares about mobile or online purchasing. What the data is telling us is that regardless of age, more of our members are utilizing a digital experience to conduct their business. Digital is not taking the place of human connections but allowing us to create better digital platforms with a human touch point.
If we continue to say that members are the biggest asset on the balance sheet, then what is the expectation on how we connect with our members? We need to take the Credit Union to our members and meet them where they are located.
If you are looking at cost effective ways to reduce friction on member acquisition, increase employee engagement, and connecting with your members anywhere, click the link to find out more - www.AOneATM.com/MiniBranch
