How Financial Institutions Can Attract Those Mindful, Mobile Millennials

Millennial_mobileThey were born between the early 1980s and the early 2000s - Generation Y, the Millennials, New Boomers – and their numbers are indeed booming. In the US, there are 86,000,000 of them; that’s 7% more than the Baby Boomers! The Millennials have their own unique traits, values, and attitudes about finances & financial institutions. 

  • They strive for wealth in their lifetime. Based on 50+ years of research conducted at the University of Michigan's (“Monitoring the Future”) and UCLA (American Freshman survey), 75% of Millennials “consider wealth a very important attribute” compared with 45% for Baby Boomers. According to Western Union research, Millennials will be the highest earning generation in the U.S. in 10 years.

  • They put ease of use and technology ahead of values. Come again? You thought they were “civic minded and values-driven,” right? Well, they are, but in researching thousands of Millennials, Digital Fieldwork found that they will overlook a financial institution’s values in favor digital convenience.

  • They are always “mobilized.” Digital Fieldwork also found that Millennials want to do business on their mobile devices and through mobile finance apps. Western Union found that 60% of them admit to “compulsively” checking their phone for emails and … wait, I just felt my iPhone buzz with a new text. I’ll be right back. 

OK, enough with the stats and research. How can your financial institutions please the mindful, mobile Millennials?

Since you asked so nicely, here are 4 handy tips just for you …

  1. Develop and tailor your mobile strategy. Go where the young people go! Give them mountains of mobile magic – like payment options through their smartphones, browsers, and apps.  Send them point-of-sale notifications on their devices (link to Larky video), so they can save money and make buying decisions.  

  2. Give free “opt-in” free services and tools that add convenience. Provide free tools, calculators, apps, and games. And by all means don’t charge them a fee to participate in your loyalty discount program (the fee sort of negates the discounts, doesn’t it?).

  3. Roll out Personal Financial Management (PFM) tools that help your customers/members with daily financial tasks, (see American Banker, What Consumers Want in PFM Tools) like shopping, decision-making, price comparisons, and rewards/perks alerts and tracking. 

  4. Be “social” and be real. Generation Y sees through generic ads. Reach them on social media by being real – be authentic, humorous, witty, and unique. They won’t connect with a bank or credit union unless you show them that behind the doors of your financial institution are a bunch of personable, caring, and (dare we say) “fun” people who are ready to listen, understand, educate, and commit to taking care of their financial future for the long haul.

You may also enjoy reading, 15 Best Financial Sites and Apps.

Larky is a mobile loyalty platform that amazes and works to keep members happy and loyal.  To learn more, visit Larky.com or email us at hello@larky.com.

Posted on September 08, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Mobile