11 Percent of Millennials Banking

Millennials are the largest generation to date. Updating your business approach can help you cater to this group’s unique financial management needs.

Growth strategies

Attract Millennials to Your Financial Institution

  • Joshua Juergensen
  • 10/6/2016

Millennials — it’s one of the most common buzzwords today. With millennials now the largest generation in the history of the United States, the question must be asked: What can your financial institution do to attract this younger generation? Don’t fall for the negative stereotypes — if you take the time to learn the qualities and interests of these individuals, you will find many positive traits that you can leverage to attract business.

According to a survey conducted by Morphis, 82 percent of respondents said they would likely choose a financial institution based on their website.

Bring millennials into committees and conversations

Many institutions have an aging leadership group that may be out of touch with the desires of rising generations. A multi-generational committee can help identify ways to connect with millennials while considering the needs of those you currently serve. Not only will this help attract younger generations, but it will give your employees a view of career advancement opportunities — a trait millennials look for in their employers.

Steer toward relationships and away from sales pitches

Millennials are relationship driven. It is important for them to have people in their life they can trust for more than just selling their services, which is why FinTech companies such as Sofi are thriving. These companies provide traditional financial services, but also offer career counseling, peer networking, mentoring services, and wealth management. They are developing relationships with the people they serve by helping them with progression in their life and careers, rather than just trying to sell something.

Make sure your technology meets demands

Be innovative! Millennials thrive on technology and are embracing digital services, so innovation must be a priority in your organization. Gone are the days of the high-volume traffic in lobbies. Millennials want to be able to perform all of their necessary banking services at their fingertips at any time, whether it’s business hours or not. How developed is your mobile platform? How easy to use is your website? Technology is rapidly evolving — be sure you’re working with your third party providers to be as innovative as possible.

Millennials are more connected to their network than any other generation. With the number of millennials that have their mobile device with them at all times, it is critical that your website is mobile-optimized so you can be easily found. Consider other mobile platforms to attract talent to your organization. Services like LinkedIn offer opportunities to show your organization’s unique qualities and characteristics that appeal to millennials. If millennials enjoy working at your organization, you can be sure they’ll be posting about your institution on SnapChat, Instagram, or Twitter, which will then be viewed by their peers and other potential clients.

Get to know your competitors

Competition isn’t the same as it used to be, so it’s imperative for institutions to know their competitors and what they’re offering. The number of FinTech startups now outnumbers the number of banks in the United States. Many times, FinTech companies have developed strategies to attract users and make the experience better and easier. Examine what these companies are offering and compare it to your available services. Are there opportunities for you to partner with an outside party to offer a unique approach to your clients? Should you consider developing strategies similar to your competitors? Take the answers to these questions into consideration.

How will you accommodate millennials?

Financial institutions have historically have been slow to adapt to change, and transitioning to attract millennials has been no different. The institutions that have proved to be most successful at attracting millennials are those that are embracing change, improving their technology, and providing opportunities to their younger employees for career advancement.