Tech Time: What credit unions need to know about the rise of millennial business leaders

Digital transformation and a wider array of business products and services will be key to serving this ascending membership segment.

2011. It was the year when baby boomers began to retire, initiating a tidal wave of activity destined to crest in the year 2030. That is when all boomers will reach retirement age, according to Pew Research Center.

The mass exodus of baby boomers from the workforce over the next decade will leave holes in American business leadership, carving out ample opportunity for the millennial generation to take control.

For credit unions, this migration represents both opportunity and challenge as millennial leaders favor local financial institutions but embrace digital efficiency.

Millennials on the Rise

Forbes reports that by 2025, long before the last baby boomer reaches retirement age, millennials will account for 75% of the workforce. And contrary to popular belief among older generations, over half are aspiring to the role of CEO, according to an American Express survey.

 

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