Welcome to the kick off edition of Banking Milz, a new weekly newsletter focused on helping credit union leaders crack the generational code and build real and sustainable banking relationships with Millennials and GenZ.

As the CEO and founder of Wellthi Technologies, I’ve been on the front lines of fintech since 2006. I’ve worked with banks to onboard thousands of new MilZ consumers and small businesses using our virtual branch platform.

Banking MilZ delivers winning strategies every week to carry your bank into the future. Expect specific and practical advice to attract MilZers, data and analytics, trends and the most important headlines you need to read each week, in under 5 minutes.

Cheers! – Fonta

IN THIS ISSUE

• ICYMI: Top reads of the week

• Chart of the Week

• Deep Dive: Credit Unions Have What It Takes to Win Over MilZ Small Business Owners–Here’s How

• Why Wellthi?

• Survey: How did I do?

ICYMI: Top Reads of the Week

📖 Guide: Marketing to Millennials

📈 5 Key Demographic Trends for Bank Marketers to Watch in 2025

👀 Revisit SMB solutions with a focus on Gen Z entrepreneurs

👯 Meet Seven of America's Top Personal Finance Influencers

🤔 Social Media Finfluencers - Who Should You Trust? 

📃 White Paper: Attracting Gen Z and Millennials

CHART OF THE WEEK

When it comes to winning MilZ customers, credit unions are losing out to banks

Banked households, by generation and primary financial institution type.

DEEP DIVE

Credit Unions Have What It Takes to Win Over MilZ Consumers & Business Owners–Here’s How

By Fonta Gilliam, CEO & Founder, Wellthi Technologies

Credit unions are at a crossroads.

Their member base is aging. Growth is slowing. And younger generations? They’re opening accounts with big banks and fintechs that move fast, feel fresh, and get what today’s young professionals and entrepreneurs need.

Meanwhile, Millennials and Gen Zers are launching side hustles, startups and small businesses at record rates. Getting access to capital is TOUGH, whether you are applying for a loan or raising venture capital. Trust me, as a fintech founder it is painful regardless of how successful your company might be.

Most of America’s MilZ do their primary banking with megabanks that are happy to accept MilZ deposits, but would never approve a small business loan for a promising business ventures. 

The MilZ access to business capital gap offers a real opportunity for credit unions that want to seed or grow their small business banking portfolio.

So why aren’t more credit unions winning this segment?  

The truth is, most credit unions want this business. Interestingly enough, 30% of Gen Z and 21% of millennials are unaware of credit union membership options and 47% of these generations combined are willing to switch to a credit union. But the conversion just isn’t there.

If you’re tired of talking about the opportunity and ready to build something that actually competes, here’s where things are breaking down—and how to fix them.

What’s Holding You Back (and How to Fix It)

1 | Your Retail Branch Isn’t Built for MilZ

Roughly 50% of Americans under 45 are not only consumers but business owners. They expect their banking tools to work as hard as they do to accommodate their personal and business financial goals. Think:

• A safe space to talk about your finances with peers and trusted experts from your mobile app that offers snackable, social networking content. This is why 80% of milZ is going to #FinTok, Reddit and Facebook - not retail branches.

•  ️Best in class payments and mobile banking that can accommodate entrepreneurs’ business and personal life seamlessly.

• Hyper-personalized content, product offers and resources on par with the same features offered by large banks

• Real-time cash flow insights for home and work

But most credit union tech stacks were built for personal accounts and auto lending, not business operations. Copy-pasting consumer products for entrepreneurs isn’t cutting it.

2 | You’re Missing the Right People

Millennial and Gen Z don’t just want accounts. They want advice. That advice should be flexible and personalized enough to meet their financial goals without having to visit a bank branch or talk to a sales representative. For example.

• How do I turn my side hustle into a full-time gig?

• What’s the best way to smooth out my cash flow?

• Why is my personal credit score important when applying for a business card or line of credit?

• How can I manage my finances better to live the lifestyle that I want?

But if no one on your team has real milZ banking experience, those conversations aren’t happening.

3 | You’re Stuck in CRE Mode

Real talk: Young business owners aren’t coming to you for commercial real estate (CRE) loans. They need:

• Microloans

• Working capital and equipment financing

• Real-time payments and merchant services for global teams

• Flexible, fast approvals

But if your commercial portfolio is 90% real estate, you’re invisible to the next generation of business owners.

4 | Nobody Owns the Plan

For a lot of credit unions, “business banking” is everyone’s job and no one’s job. And without ownership, nothing moves.

5 Moves to Start Winning
Millenial and Gen Z Business

1. Upgrade your mobile tech with sexy user experiences (UI). Member experience is everything. You will lose younger customers without a best in class mobile banking experiences that caters to businesses and personal financial needs.
   

2. Bring in small business and social media experts (or train up fast).
   

3. Offer products for startups side hustlers, freelancers, and creators.
   

4. Get loud online—social is where they live.
   

5. Track the growth. Own the results. Celebrate the wins.

The Bottom Line

MilZ is starting businesses faster than any generation before them. But they’re not banking with you—yet.

To change that, you need to stop tweaking yesterday’s products and start building for today’s entrepreneurs.

Make it digital. Make it personal. Make it easy.

And make sure someone owns the playbook.

Because if you don’t, big banks and fintechs will keep eating your lunch.

Stay tuned.

In the next issue, we’ll show you how to shift from CRE-heavy lending to flexible C&I strategies built for the modern business owner.

Credit Unions, Meet the Future of Finance!

Wellthi Technologies—backed by Mastercard & Northwestern Mutual Future Ventures—offers a turnkey Virtual Advisor Technology app tailored for lowering branch costs, driving low-cost deposits, and maximizing billion dollar opportunities with under 45 consumers. Engage Millennials & Gen Z with social finance features that drive loyalty and deposits. Our platform transforms banking into a community experience with goal sharing, crowdfunding, and peer support—helping credit unions stay relevant, digital-first, and growth-ready. Seamlessly onboard new members, boost engagement, and unlock new revenue streams—all without costly tech investments.

Ready to future-proof your credit union?
Let’s build together.
Schedule a free one-on-one informational session.

SURVEY