Financial institutions & millennials: a tough but profitable relationship ?
Millennials no longer go to the video store to rent a movie
They want to use services and access products from anywhere. It is the generation with more people today. In 2025 they will represent 75% of the global workforce and it is estimated that their decade of greatest spending will be in 2020.
Expecting Millennials to go to branches is clearly not the best strategy for financial institutions to attract them. They have to be where Millennials are if not others will be there instead. In order to achieve this, it is of uttermost importance to develop an omnichannel platform that enables financial institutions to be in every device that is used by their users in their daily life. For this, we introduce Bankingly, the omnichannel platform of digital channels for this generation, truly omnichannel. Bankingly with a single platform allows financial institutions to serve their customers through a mobile app, web channel, kiosk banking, facebook, twitter, SMS, skype and much more. Where the Millennials are, Bankingly is.
Implementing this omnicanality and improving the relationship between financial institutions and Millennials not only meets the needs of this generation but also generates better results for the institution. According to the study made by The Boston Consulting Group called “Banking on digital simplicity” financial institutions with a high level of digitalization, achieve greater results:
- + 50%
of income per user
- + 30%
of products per user
- + 75%
of precision identifying user’s needs
- – 20%
of operative costs
We have established that the institutions want to participate in this relationship and that it is fruitful. And the millennials? According to the study that we conducted ‘What financial institutions millennials want …’ there is a high acceptance among this generation with the current digital channels of their financial institution. Only 13% of millennials are dissatisfied with the digital channels of their current institution.
However, when we asked them if they would broke the relationship with their current financial institution if another offers better digital channels, more than half I answer affirmatively.
This relationship can be very passionate and profitable for both parties. Financial institutions get you more profit and loyalty, millennials save time and get comfort. However, as a good relationship, institutions must work hard to achieve and maintain it. Instead of asking for a couples therapy appointment, we invite you to see how Bankingly can help strengthen this relationship downloading our solution overview with the form below.