What’s the Biggest Myth About Gen Y?

The Financial Brand tapped eight bank and credit union marketing experts to see what they believe are the biggest myths about Gen Y. You can watch the video or read the quotes below.

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“The biggest myth about Gen Y is that we don’t like to talk to people and we are always just down with our phones in our hand. And that’s not true. We like to talk to people and we like to have relationships because I am a Gen Yer.”

— Carolee Hawkins, Regional Marketing Director
Alpine Bank

“The biggest myth is that we want everything done digitally. I know that a lot of people are promoting the social media buzz and all that craze, but at the end of the day it is still nice to walk in and see people’s faces and know where your money is going and the cause.”

— Bryce Petersen, Marketing Manager
Valley Credit Union

“The biggest myth about Gen Y might be that they don’t care about their finances. We don’t think that’s true. I think there is a lot of information and data out there that says they’re highly involved in what is going on and that they do care and they need to be under control with what they’re doing.”

— Larae Kraemer, President, CEO
K-State Federal Credit Union

“They certainly are more open and want more electronic channels but I think they still want service. And it’s a proper mix of the two.”

— Lori Walsh, VP Marketing & Strategic Solutions
Cornerstone Credit Union

“They are distinctive. They are digitally focused. We tend to define them narrowly, but they have a broad base of banking needs.”

— Jerry Schmitt, VP Marketing
Bethpage Federal Credit Union

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“There’s an assumption that they don’t have any need for physical locations and we have found that there is a definite need to have a bricks and mortar presence for the Gen Y demographic.”

— Vanessa Foster, Director of Marketing
Sunova Credit Union

“I feel like they do want to have a choice and a say in their banking decisions. And I think that they just need to be spoken to in a way that resonates with them. And just give them the opportunity to make their decision.”

— Jodi Francis, Marketing Strategist
Intrust Bank

“Being in the older Gen Y demographic myself, I found that I could relate to some of the responses. Now remember, Gen Y is not just one market segment. The needs of a 20 year old are vastly different than those of a 33-year-old. Regardless if a bank or credit union engages a Gen Y individual online or off line, financial institutions must humanize their banking experience by providing personalized insight, guidance, and recommendations to this market segment.”

— James Robert Lay, CEO
CU Grow

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