Visa Joins the Backbone Coalition: 30 Members Strong and Ready to Win Over Gen Z

Here’s a number worth celebrating: The Backbone coalition just hit 30 members.

And the latest addition? Visa—yes, that Visa—just joined the nationwide coalition of credit unions determined to prove they’re not just relevant, but essential.

If you’re not familiar with Backbone, here’s the quick version: It’s a coalition of credit unions banding together to remind everyone that they’re in the business of empowering people and serving communities. Think Avengers, but for financial institutions. And with Visa now in the mix alongside newcomer Red Rocks Credit Union, they’re bringing some serious firepower to the table.

“When we launched Backbone, we believed credit unions were stronger together. Reaching 30 members proves it,” said Tansley Stearns, president and CEO of Filene Credit Union and Backbone coalition leader. “The latest additions to our coalition, Visa and Red Rocks Credit Union, are another sign of the momentum we have built, and their deep understanding of what the next generation of members wants and needs will help credit unions show up even more powerfully for the people who count on us every day.”

Visa isn’t just showing up empty-handed. They’re arriving with mountains of data, research, and insights about the generation everyone’s trying to figure out: Gen Z. Their contribution includes a comprehensive report called “Unlocking Gen Z: Strategies for Credit Unions,” which digs into what makes this generation tick financially.

The findings? Surprisingly optimistic. Gen Z’s top financial priorities are financial freedom, financial confidence, and homeownership. And here’s the kicker: 38 percent of Gen Z members who bank with credit unions or community banks already own their home. So much for the “Gen Z can’t afford anything” narrative.

Let’s talk numbers. Gen Z represents 69.3 million people in the United States alone. Their global spending power currently sits at nearly $10 trillion and is expected to hit $12 trillion by 2030. That’s not pocket change.

But here’s where credit unions have a real opening: Despite being digitally native and financially ambitious, many Gen Zers still don’t know how to build credit or feel confident about their financial decisions. That’s exactly the kind of gap credit unions were built to fill—offering guidance, education, and support without the corporate banking runaround.

The Backbone coalition isn’t just a feel-good membership club. Members participate in monthly virtual sessions and meet in person twice a year, bringing in outside perspectives to help credit unions stay sharp and relevant. Recent speakers have included Alex Kantrowitz, who talked about how media is shifting from chasing traffic to building real audiences, and Anne Sage, who’s slated to discuss the power of storytelling in connecting with modern consumers.

Translation: This coalition is doing the homework to understand how people actually consume information and make decisions today, not how they did it in 2010.

With 30 members now rallying together, Backbone is positioning credit unions to meet the evolving needs of communities across the country. And with Visa’s data-driven insights in their toolkit, they’re better equipped than ever to win over the next generation of members who are hungry for financial institutions that actually get them.