Credit unions rethink youth banking as a long-term relationship strategy.

Credit unions rethink youth banking as a long-term relationship strategy. Tyfone - 3.0 Portland, OR Job Details 3 hours ago Qualifications Entry level Full Job Description At a conference in Atlantic City this week, executives from a Pennsylvania credit union described a challenge facing much of the financial industry: how to convince children and teenagers that a financial institution should remain part of their lives well into adulthood. The answer, they argued, is not another youth savings account promotion or a mascot handing out stickers in a branch lobby. It is a longer, more deliberate effort to build relationships early and maintain them through major life stages, from a child's first allowance to a first mortgage. That was the focus of a breakout session titled "From Piggy Bank to Paycheck - Engaging Youth in Financial Wellness" at the CrossState Credit Union Association's Connect Conference in Atlantic City. The session was led by Diana Voth, vice president of member engagement and impact at Everence Federal Credit Union, and David Broomell, the credit union's marketing manager. The $450 million-asset credit union, based in Lancaster, Pa., has spent several years redesigning its youth banking strategy around what executives described as "journey mapping," an approach more commonly associated with consumer technology companies than community financial institutions. "We stopped thinking in products and started thinking in journeys," Voth told attendees. For decades, many credit unions treated youth accounts as entry-level products — often low-balance savings accounts opened by parents or grandparents. But as competition for younger consumers has intensified, especially from fintech apps and digital-first banks, many institutions have struggled to keep those members engaged once they reach adulthood. Story continued below…