3 Strategies to Consider When Onboarding Millennial Members

Securian Financial Preferred Partner

Produced by Securian Financial | September 30, 2020

Securian Financial is a 2020 Champion Partner with Allied Solutions

You’ve been focused on essential business operations and taking care of urgent member needs. But, it’s still important to set your sights on creating memorable, valuable experiences for your new members. Taking time to review your member onboarding strategy is a great place to start - and doing so will remain key to the long-term growth of your credit union.

Consider a Millennial Onboarding Strategy 

When it comes to your members, you know a one-size-fits-all approach doesn’t work for everyone. By taking a segmented approach to your onboarding strategy, you can ensure you’re providing the necessary financial guidance to meet individual member needs – especially those of millennials.

You know the pandemic hit millennials hard; however, this generation is known for their resilience. According to Deloitte1, their resilience – and their financial prudence, is likely what has helped them weather the pandemic storm.

Why Focus on Millennials? 

One in three Americans is a millennial. According to the Pew Research Center, millennials passed baby boomers as the largest adult generation in the workforce – based on U.S. Census Bureau population estimates as of July 1, 2019.1

Numbering 72.1 million, millennials are defined as those ages 23-38 (in 2019).1 And what older generations considered important is not the same for millennials, especially when it comes to banking and their personal finances. 


Recent studies report millennials are feeling financially challenged - and they aren’t always feeling financially savvy:

  • 70 percent of millennial respondents said they need help with their financial planning.2
  • Of the 28.4 percent of millennials with undergraduate student-loan debt, 72.2 percent are stressed.3

Many are also concerned they might have to borrow from friends or family, and because they lived through the 2008 financial crisis - they lack trust in the financial services industry.  


Meet Millennials Ben & Carla - And a New Opportunity for your Credit Union


Ben and Carla are recently married and just bought a new car from a local dealer that helped them with financing through your credit union. Neither of them knows much about credit unions. They just know they got a competitive interest rate and are excited about driving their new car. 

Here is your opportunity to build Ben and Carla’s trust, expand their financial knowledge, and provide them with relevant messages for years to come.  

Strategy #1: Build Their Trust 

Trust is key to creating a long-term relationship with Ben and Carla. Remember, they may not trust financial institutions after living through the 2008 financial crisis. Here is how you can build their trust:

  • Offer them a personal financial consultation by phone, video or in-person.   
  • Take time to understand their financial goals and help them develop a plan to get there.
  • Give them a tour of the tools and resources your credit union offers to track their progress.
  • Educate them on credit scores - and why it’s important to keep track of their scores.
  • Share how they can protect what matters most by adding lending protection to their vehicle or other personal loans.

"In a study of credit union customers, 90% of Millennials expressed a high level of familiarity with lending protection products. And, 56% of Millennials have added lending protection to current or past personal loans and credit card accounts." 

Source: Securian Financial Credit Union Customer Survey, July 2020

Strategy #2: Capture Relevant Information

Keep track of what you learn about Ben and Carla. With their permission to capture what you discuss, you can turn valuable information into actionable insights and personalized messaging.

Strategy #3: Communicate, communicate, communicate 

Stay in touch with Ben and Carla with regular communications. Millennials crave personalization, but don’t go overboard:

  • Offer tips on how to save and build credit. 
  • Highlight products and services to help meet their financial goals.
  • Focus on digital tools and resources
  • Use stories to demonstrate and share how other millennial members are achieving their financial goals. 

Securian Financial is a 2020 Champion Partner with Allied Solutions

About Securian Financial

At Securian Financial, we’re here for family. And we’re here because of it. And we believe your financial picture should support the everyday moments as much as the major milestones. Since 1880, we’ve been committed to providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most. 

About Allied Solutions

Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology based products and services customized to meet the needs of 4,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 15 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc. Allied Solutions has tools and resources that can help you keep an eye on the potential areas of impact, protect against collateral losses, and stay on top of any new events, bulletins, and regulations as they happen.


1  Deloitte. "2020 Deloitte Global Millennial Survey Report," Deloitte.com, July 2, 2020.
2 Fry, Richard. “Millennials overtake Baby Boomers as America’s largest generation,” Pew Research Center.org, April 28, 2020.
3 Jayakumar, Amrita (of NerdWallet). “Millennial Money: Don’t let anxiety rule your finances,” APnews.org, October 29, 2019.
4 Hoffower, Hillary. “Millennials and Gen X are both stressed, broke, and in debt,” Business Insider, October 10, 2019.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its affiliates. 


Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.

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