Backbone Coalition Celebrates Growth with Visa's New Membership Addition

The Backbone Coalition, a nationwide initiative dedicated to empowering credit unions and enhancing community service, has achieved a significant milestone by expanding its membership to 30 organizations. The latest addition to this influential coalition is none other than Visa, a global leader in payment technology. This partnership is set to bolster the capacity of credit unions to meet modern financial demands.

The Backbone Coalition's mission focuses on spotlighting the vital role credit unions play in supporting individuals and communities. Tansley Stearns, the president and CEO of Orsa Credit Union and the coalition's leader, expressed that reaching the count of 30 members is a testament to the collective strength of credit unions working together. With the recent additions of Visa and Red Rocks Credit Union, the coalition is poised for renewed momentum, enhancing its ability to address the evolving needs of prospective members.

Visa’s involvement signifies a wealth of supportive resources, including in-depth data analysis and insights aimed at addressing the unique characteristics of upcoming generations, particularly Gen Z. A key feature of Visa's contribution is a detailed report titled "Unlocking Gen Z Strategies for Credit Unions." This study delves into Gen Z’s financial motivations, noting that their primary aspirations revolve around attaining financial freedom, confidence, and homeownership. It’s noteworthy that 38% of Gen Z members surveyed already own homes, dispelling misconceptions about their financial stability.

The potential for credit unions to attract Gen Z members is substantial. This age group encompasses approximately 69.3 million individuals in the United States, collectively holding an impressive purchasing power of around $10 trillion, projected to escalate to $12 trillion by 2030. Visa's research highlights that while Gen Z is inherently tech-savvy and exhibits ambitious financial goals, many express uncertainty in building credit and a lack of confidence in their financial literacy. This gap presents a unique opening for credit unions to provide guidance and resources, positioning themselves as trusted partners in Gen Z's financial journey.

Recent expansions within the Backbone Coalition underscore a vital shift for credit unions aiming to adapt to contemporary consumer expectations. Members of the coalition participate in monthly virtual meetings and organize two face-to-face gatherings each year to share insights from beyond the credit union sector. Recent guest speakers including Alex Kantrowitz have provided valuable perspectives on changing media landscapes, while Anne Sage illuminated the significance of storytelling in engaging modern consumers.

About Backbone: The Backbone Coalition unites credit unions from across the United States, advocating for the everyday American by ensuring tailored financial solutions that prioritize individuals and communities. The coalition employs educational initiatives and narrative strategies to illuminate credit unions' missions, advantages, and services. For more information, visit backbone.us.

In conclusion, the addition of Visa marks not just a numerical increase in membership, but a fundamental shift towards equipped and informed credit unions ready to lead the way in offering relevant financial services to an ever-evolving generation. The Backbone Coalition stands poised to harness this momentum, ensuring that credit unions continue to play a pivotal role in the financial lives of Americans.