According to the US Census Bureau, in the United States alone, in 2018 there were about 83 million millennials. The market for millennials is very important, and unfortunately, the "single model is not applicable to everything or everyone", since each person is different in terms of upbringing and education, ethnicity and life experiences.
The size and diversity of this generation makes it very difficult to grasp, and above all, keep your attention. Financial institutions are the ones that run most risks, because they are applying obsolete strategies to generate brand loyalty in millennials.
1 – Be innovative with digital engagement
Large technology companies that offer primary banking services are the biggest threat to financial institutions. Amazon Cash has 10,000 retail stores, and Alibaba has issued loans for $96,000 million in five years.
Apple Pay, Google, Snapchat and WhatsApp also have their own financial services.
All these companies are leaders because they develop strategies to meet the expectations of millennials: a convenient, multifunctional experience that requires few clics to complete an interaction. This is fundamental to gain their loyalty and adhesion.
What can traditional banks do?
Search for innovation through artificial intelligence in voice, web and mobile channels. Use relevant data to provide recommendations proactively to clients about their expenses or changes in interest rates that allow them to save money.
Connect them without interruption with your financial advisor when they need more information. Make robotic algorithms more accessible through voice commands in order to manage data more efficiently and go beyond human interaction.
2 - Gain personalization with customer-focused engagement
The way to bond with the client is as important as the technology used to capture the attention of millennials. For years, banks tried to cross-sell and up-sell on the basis of the product: "For current account, press 1; for savings account, press 2 ", and so on. Move from a strategy centered in the product into a customer-centric strategy means adapting sales and marketing based on what the customer's journey requires at a given moment. This level of personalization requires a predictive engagement that uses real-time data to anticipate needs.
3 – Anticipate the engagement strategy
As millennials grew, at first, many banks underestimated their needs, their economic power and the impact this could have. But today, they are followed by generation Z, or centennial, and no bank can afford to make the same mistake again.
Generation Z is different, too. These centennials have a shorter attention span, but they are not less demanding or complex. They expect much more from technology and tolerate less in error when it comes to digital. Remember that Generation Z is considered a "conservative and traditional generation". They want to work, save money and avoid getting into debt.
Be creative now. To attract these customers, banks need to adapt perfectly to them, integrate technology with human assistance and connect moments that add value instantly.
Today, it is inadmissible to expect clients to find a specific time to solve problems or investigate important purchases. Through messaging applications, the client can communicate with you when he finds the time to do so (for example, while on the train or walking his pet). Connecting with him in this way significantly reduces his effort and allows for ongoing conversations that can last for hours, months, and even years.
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TAGS: strategies for banks