In a recent article by The Financial Brand, Alex Kreger describes the complexities of banking for a Millennial customer. It is important to consider this age group, argues Kreger, as it is estimated that before 2025 Millennials will control $7 trillion in global assets.
For a group soon to have a major financial impact globally, it is crucial that banking institutions better understand what makes this age range “tick.” Kreger points out how a primary factor influencing Millennials is user experience or UX – and that Millennial UX thrives on a purely digital platform.
Unfortunately for most banks, Millennial customers are not being catered to very well. A study cited by PwC says that for banks, only 25% of their products and services are available online. This means the larger population of Millennial customers are not being served.
Kreger adds how Millennials more frequently look for a way to connect with their banking organization compared to other generations. In turn, this makes them feel greater loyalty to a specific bank or credit union. “The key to this is authenticity,” says Kreger. Authenticity is something that Millennial customers – more than any other previous customer base – look for.
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