How banks can win the loyalty of millennials
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Transcript of How banks can win the loyalty of millennials
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Winning the
ofmillennials
loyalty
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It's no secret thatmillennials are afinancial force tobe reckoned with
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millennialswill have the highestspending powerof any generation
By 2018
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And they're not loyal.
have switched bank in thelast 12 months
18%
Source: https://www.accenture.com/us-en/insight-consumer-banking-survey
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Compared to just
of customers aged 55+
3%
Source: https://www.accenture.com/us-en/insight-consumer-banking-survey
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What do millennials
in alook forbank?
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Engagement AuthenticityAdvice, via theright channelsValidation, onfinancialdecisionsResponse totheir feedback
PersonaliseddialogueCustomisableservicesGood value
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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
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How can banks
meet
needs?these
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Select the right channels
to engage with customers
1
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Bank of Ireland mortgageadvisors conductinterviews over FaceTimeor Skype
Online and mobile bankingdelivering excellent UX iscritical, but banks can gofurther
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Offer a range offintech-style services
that connect toyour core offering
2
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It's 'Fintegration': small businesscustomers can applyon the ScotiaBankwebsite for a loanfrom Kabbage inc.
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Empower customers
to save and plan
3
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OnTrees offers aself-service planning toolwhich aggregatesbalances from accountsat multiple banks
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Conclusions
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Millennials aren't really so
different
consumersto previous generations of bank
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They may beless likely to
visit their bankmanager
...but they'recertainly notunconcerned
about theirfinances
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Reachingthem
requiresadept use
of carefullyselectedchannels
...and constantly
evolvingdigital
functionality
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This is what we help banksachieve at
Click Learn More to get intouch and find out more