How banks can win the loyalty of millennials
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Transcript of How banks can win the loyalty of millennials
Winning the
ofmillennials
loyalty
It's no secret thatmillennials are afinancial force tobe reckoned with
millennialswill have the highestspending powerof any generation
By 2018
And they're not loyal.
have switched bank in thelast 12 months
18%
Source: https://www.accenture.com/us-en/insight-consumer-banking-survey
Compared to just
of customers aged 55+
3%
Source: https://www.accenture.com/us-en/insight-consumer-banking-survey
What do millennials
in alook forbank?
Engagement AuthenticityAdvice, via theright channelsValidation, onfinancialdecisionsResponse totheir feedback
PersonaliseddialogueCustomisableservicesGood value
92% would choose a bank for its digitalservices
30% have at least one financial product thatisn't provided by their bank
68% use online banking
So what are their banking habits?
Source: http://www.americanbanker.com/news/bank-technology/what-do-millennials-want-from-banks-everything-nothing-whatever-1079945-1.html
How can banks
meet
needs?these
Select the right channels
to engage with customers
1
Bank of Ireland mortgageadvisors conductinterviews over FaceTimeor Skype
Online and mobile bankingdelivering excellent UX iscritical, but banks can gofurther
Offer a range offintech-style services
that connect toyour core offering
2
It's 'Fintegration': small businesscustomers can applyon the ScotiaBankwebsite for a loanfrom Kabbage inc.
Empower customers
to save and plan
3
OnTrees offers aself-service planning toolwhich aggregatesbalances from accountsat multiple banks
Conclusions
Millennials aren't really so
different
consumersto previous generations of bank
They may beless likely to
visit their bankmanager
...but they'recertainly notunconcerned
about theirfinances
Reachingthem
requiresadept use
of carefullyselectedchannels
...and constantly
evolvingdigital
functionality
This is what we help banksachieve at
Click Learn More to get intouch and find out more