Lately, I feel like it’s the Millennials’ world and we are all just living in it. News and research are bombarding me with what Millennials need, what they prefer, how they don’t care about banks and so much more.
It could feel that way because my team and I are deep in the development of a new product directed at Millennials. Or as a Millennial myself, I’m personally a part of this confusing generation. Whatever the reason, it sure seems like there is a good deal of energy spent on trying to figure out what Millennials need and want from financial institutions.
While some of this buzz is based in fact and has merit, why not spend more time on what we CAN do today, while we are waiting to find the missing piece to solve the Millennial puzzle?
When HT Mobile Apps conducted research on Millennials this fall, we learned a few key points that can be used today to reach the sought-after Millennials.
- Millennials are probably banking with you because their parents did or one of your branches is close to where they live or work.
- They probably do not know anything about other products or services your financial institution offers. All they know is you have their checking account and provide Internet banking and a mobile app.
- They do not feel you check in with them.
- They expect you to know them individually since you have access to all their personal and financial information.
- They do not realize that if they move to different city or state your financial institution can still help them.
- They do care about your branches and branch locations, even though they don’t regularly visit any of them.
- They do want help with their finances but turning to you, their financial institution, doesn’t even cross their minds.
- Who do they turn to for help with their financial needs? The four good all-purpose sources: Mom, Dad, friends and Google.
Here are some activities financial institutions can do to begin the journey to connecting with Millennials.
- Figure out what your Millennial market is. Who do you currently have deposit relationships with? How much of this market does not bank with you? Is there a real opportunity for your financial institution?
- Divide Millennials into two separate groups, 18 to 24 years old and 25 to 35 years old. They are in very different life stages so you should approach them differently. (More on this in January)
- Recognize that your current product set was designed around a much different generation. Evaluate what needs to be changed. Hint: you probably need to rethink everything.
- Hire Millennials who challenge, think outside the box and can help you understand their generation.
- Partner with vendors and companies who are learning about Millennials. Be willing to try fresh approaches to get this generation’s attention and wallet share. Some will work and some will fail, but you will learn from all.
HT Mobile Apps is excited to partner with community-based financial institutions to provide young adults with financial knowledge they need to live successful lives. If you’d like to talk more about this significant market or need help figuring all this out, shoot me an email at kathleen@htmobileapps.com.
