As the banking landscape continues to evolve, one generation has found itself at the centre of conversations; millennials.
Millennial banking trends set them apart from other consumers. Now, banks are tapping in to them to attract these young customers.
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The millennial generation is increasingly stepping away from brick-and-mortar banks for the more digitally-focused challenger banks.
Millennials are also more likely to jump ship if they become dissatisfied with their bank.
Millennial banking trends: Convenience
Millennials want to be able to bank on the go with minimal fuss. They are the quick adopters of the most recent technology to enable an easier banking experience.
In an increasingly digital world, convenience is king. If a consumer has to wait around while a page loads, they are more likely to completely shut it down rather than wait for it open. This is especially true for millennials.
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By GlobalDataBanking isn’t something that the average consumer wakes up and thinks about doing. That being said it is a daily part of life and the demand is now for it to be instant and easy. If it’s not, millennials are very likely to cut ties and try to find that service somewhere else.
Personalisation and perks
Investing in enhancing the digital channel is essential, however, it will only work if the strategy is backed up with a focus on tailoring services and products for each individual consumer.
Over the majority of banking history, banks have been a place for customers to go to make significant life decisions such as loans or mortgages. However, many millennials don’t see banks like this anymore.
If banks want to be a place that millennials find attractive, they must find ways to promote personalised products and services.
Digital challenger banks like Revolut, Monzo and Starling have completely focused their strategy on the personal banking journey.
All three let customers know what they’re spending their money on – eating out, shopping, bars. They also make tailored recommendations based on these spending habits.
Furthermore, millennials will also be more likely to turn to a bank or challenger that offers some perks. Many young people are juggling student loans, higher rent and commuting costs than generations before them. Therefore, a good account with benefits and no charges is a priority.
As new technology evolves, millennial banking trends will also change. AI and machine learning will become more dominant and banks will have to adapt to ensure they attract the younger customer base.
