The biggest generation is coming into a time where their financial needs are a bigger and more important part of their lives. Understanding how this generation feels about and uses a financial institution will be very important in acquiring more customers like them. According to a recent survey, Millennials and Gen Xers find security, convenience, customer service and personalized benefits important factors in selecting or staying with a financial institution.
- Security is working with an institution who is reliable and stable.
- Convenience is allowing them to interact with the institution as they choose
- Customer Service is providing service and advice that is personalized and valuable.
- Communicating directly with personalized offers will acquire and retain customers from this generation.
Big brands or flashy impersonal advertising does not sway Millennials. Growing up with social media has made finding and reviewing products and services they want and need easy. They aren’t looking at how big and mighty is the brand but rather how streamlined and painless is my transaction with this company. Banks that make the experience easy and not complicated across all methods whether it is mobile, online or at the branch, will be the financial institutions to survive.
Read more about creating loyalty with the Millennial generation at: customerthink.com