5THINGS: Millennials and Banking
Melinda Deines discusses the five things you need to know about banking for Millennials.
1. Forget the research
Millennials are more than just a bunch of people who like to look at their cell phones and follow celebrities on Instagram. There’s a lot more to them than that and they’re also a diverse group. So if you are going to consider customer segmentation, be specific. Don’t just lump them all into one category.
2. Design current digital offerings
Millennials grew up with technology. They know what it should look like and if it’s not up to date, current, it should look slick. They need it to look that way and if it doesn’t, they’re not gonna be interested. They’re gonna judge you for it, so make sure that you’re putting your best foot forward when it comes to apps, website.
3. Understand mobile
Everybody is addicted to their cell phone, but Millennials are definitely a group that live with their cell phone in their hand at all times. So, you need to know how to engage them. We have written a white paper about mobile zombies, and you can check that out if you want more information on that.
4. Build trust
Millennials grew up during a recession and are less trusting of banks than their parents were, so building trust with Millennials is gonna be really important, especially as they get older and need banks. They’re gonna be making bigger financial decisions.
5. Re-evaluate life events
Although Millennials may not be getting married and having children, and buying homes, and buying cars, in the same order as their parents, these things are still gonna come into play as they get older. And so, banks are gonna need to reevaluate how they approach these life events for Millennials because it’s gonna be different from how it was for their parents.