Mobile banking options increase as credit unions seek the next generation of members
Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466
Wyandotte, Mich. — September 18, 2020 — Michigan Legacy Credit Union (MLCU), with 20,000 members, six physical branches in Flat Rock, Garden City, Highland, Pontiac, Warren and Wyandotte, and a mobile app that provides credit union services—such as opening an account, changing an address, applying for and closing on a new loan, including mortgages—via a virtual video teller, is seeing an uptick in online banking among its members aged 50 and up.
Part of MLCU’s strategic plan, according to President and CEO Carma Peters, is to maintain a strong, streamlined physical presence while expanding its online banking options. In a recent study from the period of March 1, 2020 through August 31, 2020, MLCU saw some positive results from those efforts, noting the following increases among members aged 50+:
- Mobile app use up 16%
- Text banking up 7%
- Online bill pay up 6%
- Desktop (or laptop) banking up 3%
Industry-wide data related to online banking trends for the 50+ population is difficult to find, according to Peters, and even her own credit union just started tracking usage trends for this demographic. Still, because credit unions tend to skew to an older membership, Peters says it is important for the industry and individual credit unions to educate older members on the safety and convenience of enhanced technology tools even as they look to attract younger members.
“We are putting significant financial resources behind tech advances to attract the next generation of credit union members while ensuring that we support the needs of our older members,” Peters said. “I’m extremely pleased with the level of online banking we are seeing at MLCU overall. Use of the new app, which was introduced in July and greatly enhanced from the original app, is much higher than I anticipated so early in the game – especially among the aged 50+ members.”
While the uptick may have been spawned in large part by the pandemic, the changes are likely here to stay.
“Fintech has generally been marketed to the millennial population, but the age 50 + demographic is also mastering the smart phone and other tech platforms,” Peters said. “Our data tells us that while the pandemic may have jumpstarted the move to online banking, these new habits are likely to continue – and increase – as members of all ages see the safety, security, ease and convenience of remote banking.”
Separately, MLCU recently began the process of replacing all of its branch ATM machines, with the first updated machine placed outside the Flat Rock branch on September 11. Its renovation and new build plan also remain on target, with the renovated Wyandotte branch slated for completion in January 2021. Also of note, the organization has changed its headquarters location from Pontiac to Wyandotte.
About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.
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