Millennial banking trends
How banks can win and retain their future customers.
“At its core, banking is not simply about profit, but about personal relationships.” – Felix Rohatyn, Chairman and CEO at Lazard Freres
From retail, dining, healthcare and transportation, companies are trying their best to appeal to millennials. Banking will not be an exception.
The coming 5-10 years will see millennials enter their prime spending years. Smart bankers understand that their future growth will be driven by this specific generation.
Millennials will be 75% of the global workforce by 2025
Unfortunately, there is a significant gap in what millennials expect from their banks and what is on offer. The younger generation prefers digital convenience, on the go service and digital solutions for all their needs which means banking will need to evolve to serve this generation.
Millennials have low loyalty towards their banks
While millennials need support of banks, as 42% of them are unsatisfied of their financial condition still they view big banks with scepticism.
Banks need to turn millennial-centric to survive
Despite the current state of affairs, there is an opportunity for banks who can embrace millennials by investing in digital products and services, picking the right marketing channels and becoming a tech first organization.
3 key millennial traits and values for banks:
- Customer Experience
- Banks need to have an integrated and seamless solution
- Strong focus on design
- Convergence of industries to enable choice
- Data & Transparency
- Be transparent with their data
- Use data to deliver the right solutions
- Security is a key differentiator for financial services
- Social responsibility
- Make relationships not profits
- Make a brand that appeals to a larger good
- Use technologies to reduce fraud