Credit Unions and community banks are constantly asking themselves how to attract the millennial consumer. In fact, 75 million of today's U.S. population are millennial's, so why do only 24% of them bank with credit unions and small community banks???
Well, Credit Union Journal says it best... "millennial's want convenience and as little human interaction as possible." And I truly get this.
Nothing is more irritating to me than having to call customer service for an issue that could be resolved via email or web form. If they can't text, email, snap, or instant message most younger consumers want little to do with it. Anything to avoid forced face-to-face interaction or long drawn out phone calls.
Credit Unions and community banks need to take note!
"Is there an app for that?" Millennial's use apps to pay their bills, order food, shop, find rides home from the bar, etc. Apps like Zelle make it easy to transfer money without any hassle...
But take note...
Even the Efficient Millennial Still Needs Some Help and they have pretty high expectations when they do.
They're looking for authenticity and someone who is actually listening. Stopping into a physical location to make a deposit, transfer funds, or talk about a loan just doesn't fit in their normal schedule. But they are looking for someone to build rapport and really grab their attention. Bob Keaveney reflects in a BizTech article of what Millennial's want from their Credit Union or Bank.
Millennial's are targeted as being one of the largest adult consumer generations and they tend to be very educated. But only 24% are skilled in understanding financial literacy. So even though millennial's are self-efficient they will still require some hand holding around financial products and services.
They will need/want:
Help selecting the best banking technology available.
Financial institutions to have availability close to them and know their financial goals.
FIs to offer easy, good to know information for their banking needs.
And who are we kidding here... Gen Y is in debt from college, likely not fully employed, or still looking for their dream job, and they aren’t messing around about prices. If they can get a better deal down the road they will, so match or beat your competitors on fees and prices. And get those costs as low as you can.
Keep up the great work and be the best Credit Union/Small Bank you can be!