Firefly Credit Union CEO Dale Turner, believed to be the youngest in such a role in Minnesota, is a millennial courting millennial consumers with digital services.
Ramping up Firefly's digital banking services appealed to him — and, he believes, other millennials — as avid users of technology, Turner said. It also positioned the Burnsville-based credit union to respond to the statewide stay-at-home order issued to slow the spread of COVID-19.
While banks and credit unions remain open as essential services, Firefly, like some, has closed its nine branch lobbies while continuing drive-through, call-in, mobile and online services.
In another step, Firefly now offers a payment extension program, with more than 550 members so far deferring payments on nearly $10 million in loans for up to 90 days with interest accruing but no fees.
Mobile transactions were up 27% in February from the year before, Turner said. March has seen nearly 1,000 new digital-banking enrollments.
Firefly's updated mobile app offers budgeting and spending tools that stand out as differentiators, Turner said.
Ratings for the app have risen from about 1.5 stars in the fourth quarter of 2018 to scores this week of 4.5 on Apple's iOS and 3.5 on Google's Android platforms.
In a further nod to millennials, Turner, 39, ensures that Firefly engages users on all social media platforms. Noteworthy locals discuss financial issues on Firefly's podcast.