With an estimated 86 million Millennials set to be in the workforce by 2020, it is not surprising community financial institutions (FIs) are looking to target this demographic. Attracting a Millennial audience could very well ensure an FI’s future success. This generation is, after all, the largest and most diverse currently in the U.S.
As more Millennials establish and advance their careers, they will seek out FIs to help manage their finances. The FIs likely to be strong contenders in this arena are those that make a significant effort to fulfill Millennials’ expectations.
To hear what four millennial employees at TMG look for in an FI, watch this quick video!
A recent CUJournal.com article indicates Millennials frequently turn to their FIs for traditional banking services. More than 80 percent have checking accounts and 91 percent have savings accounts, not unlike earlier generations. The majority of Millennials (77 percent) also look to their FIs for debit and prepaid card services.
Like other generations, Millennials are less likely to rely on brick-and-mortar locations to fulfill their banking needs. Digital platforms—mobile and online—provide the services they need with minimal hassle.
Convenience is key for Millennials when it comes to banking. While 51 percent of them utilize mobile banking, their preferred method of interaction with their FIs is online.
What truly sets Millennials apart from earlier generations is their desire for personalization. Millennials prefer to have offers and promotions directed toward their needs and lifestyles. More than 70 percent say they would provide information about themselves to receive personalized offers. FIs looking to attract and retain more Millennials should consider targeting their marketing efforts.