In July 2014, Nielsen TV posted an informative interview with John Roundtree called “The Millennial Opportunity for the Financial Services Industry.” If you have 5 minutes and 38 seconds, it’s worth a look/listen to help your bank or credit union attract millennials.
If time is too precious for you at the moment, then here some key takeaways:
- Millennials abound. There are 80 million of them.
- Their spending power grows every day. In 5 years, they will outspend the Baby Boomers.
- They see brands as elastic. Millennials grew up with smartphones, so they trust in Apple, Google, and wireless carriers.
They may do their banking, investing, and payments with a plethora of brands that aren’t traditional banks or CUs (even if the provider does not have previous experience in the financial services space).
How can FIs build relationships with Millennials?
- Because of recent economic times, they have delayed big purchases like cars and homes. FIs need to work with them today to gain their trust and their long term business in the future.
- They may still live at home with their parents and use their parents’ bank, credit card(s), financial advisor, etc. As they leave home, they will find their own way, so it’s important for your institution to be there for them during that transition.
- Consider hiring Millennials to help your institution build relationships in meaningful ways.
- Remember that different marketing channels (inside your branch vs Twitter vs YouTube vs TV) attract and engage with different people. Do not send the same message across all channels. Segment Millennials by their chosen channel and give them the content they want in the way that is most relevant – e.g. Do not push your TV ads to YouTube. Communicate in unique ways on each type of media.
Larky helps build and sustain relationships with Millennials. Indeed, our mobile discount program is a magnet for Millennials who love technology and saving money. When you work with Larky, our platform is customized to look like your credit union or bank, so our smartphone alerts and web interface have your brand. Millennials appreciate that you, their trusted bank or CU, has a good mobile discount program that provides them with value (discounts, perks, and information) during their daily routines at the right time and place.
Larky is a mobile loyalty platform branded for your financial institution that drives retention, acquisition, wallet share, and interchange revenue. To learn more, visit Larky.com or email us at firstname.lastname@example.org.