Those darn millennials. Can’t you just imagine the big bank execs cursing the now-largest generation in America for disrupting their well-established industry? As a millennial (one who banks with three separate banks, mind you), I feel for these guys. The status quo in banking has been to avoid change at all costs for generations, and along come these convenience-loving, iPhone-addicted, mobile-adapted youngsters who demand change and demand it now. But guess what, big banks? We have money and we’re only going to have more of it in the next 10 to 20 years. Most banks (props to you Bank of America – I really have loved my time banking with you) are adapting quite well. Paperless offerings, easy transfer systems, mobile-friendly apps. It’s all very well done. But you know what’s not done well? Communications strategies. You want to wine and dine millennials? You’d better strut your stuff. The key to winning over this generation of investors is to clearly communicate why we should choose you…or any bank, for that matter.
Banks need to focus on three key elements when it comes down to communications with millennials:
- Why should we choose a traditional bank instead of a non-bank option?
- Why should we trust you?
- What does your bank offer in terms of digital, convenience and dynamic banking?
If banks can clearly and succinctly provide compelling answers to the above, they will be that much closer to closing the deal with millennials.
The bottom line: some of the biggest banks in the world are doing an outstanding job of integrating fintech into their offerings, upgrading their client service and providing millennial investors with really excellent options. But a lot of folks, especially the youngest generation of investors, don’t know about any of it. If banks spent the same amount of time building out communications plans as they do kicking their tech development into high gear, the conversation today about winning new clients could be vastly different.
