Thrivent Financial for Lutherans recently converted its credit union to a digital-only bank after over a decade, aiming for greater growth and strategic flexibility beyond the limitations of its nonprofit credit union structure, as reported by American Banker. The rationale is to offer a wider range of products and reach younger consumers more effectively. This move addresses an existential threat to credit unions, whose customer base is aging. To succeed, Thrivent must implement a targeted marketing strategy to reach digital-first consumers on social media and ensure its new products meet the specific needs of younger demographics, focusing on relevant credit offerings.

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