Where’s my money? Millennials’ thoughts on banking.

jill-imageI know what people think about us. Millennials just want everything handed to them. Instant gratification. And while that’s true in many ways, when you go by the numbers, we actually have a pretty good handle on our money situations. We saw our parents get burned in the stock market crash and we’ve vowed that won’t happen to us.

So many Millennials are frugal. We’d rather live with mom and dad until we pay off student loans. We’d prefer to invest money in a house rather than throw it away on an apartment each month. All that money is going into retirement and savings accounts—at banks.

Funny thing is: Millennials are also the least likely age group to agree that their banks have their best interests at heart. In fact, we’re the least engaged and satisfied with our banking experience.1 Smells like opportunity, eh?

Definitely. Because 45% of us would switch banks if a better option came along.2 Actually, one in three of us would be open to switching in the next 90 days.3 Here are 10 ways to get us there:

  1. Represent us. Research shows that our loyalty would be improved by a more relatable banker. So yeah, not some old, rich, white dude. We want diversity, people.1
  2. Better technology. 68% of Millennials are more likely to change to an alternative digital financial services provider because of advanced and mobile technology for more helpful services.4
  3. More convenience. Inconvenient branch locations and too few ATMs are tied as the number three reason Millennials switch banks.5
  4. Be in the community. Local banks are the biggest “winners” in attracting Millennials with a 5% migration.6
  5. Talk face-to-face. 48% of Millennials said they would like their banks to offer video chat on their website or mobile/tablet application.6
  6. Be helpful. 47% of Millennials said they would like their bank to provide tools and services to create and monitor their budget.7
  7. No fees, please. 56% of Millennials said they would leave their current bank for an account that automatically paid overdraft items, but didn’t charge a fee.8
  8. See you online. 49% of Millennials would be much more likely to consider banking and financial services from digital alternative providers like Google, Apple, or Amazon.4
  9. Rewards all around. Millennials link their rewards-earning capability to a credit card (26%), compared to 10% and 8%, respectively, of Generation X and Baby Boomer consumers.9
  10. We care about what other people think. 63% of Millennials cite personal experience, reviews, or recommendations as being the most influential when choosing where to open a checking account. Do what you can to ensure it’s all good things being said.10

Want to know more about Millennials and their money? Just give us a call.

Sources
1. Gallup
2. Cryptocoins News
3. Business Wire
4. Makovsky
5. FICO
6. Accenture
7. The Financial Brand
8. Saylent
9. Excentus
10. Medallia

How can we help you make change?

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Where’s my money? Millennials’ thoughts on banking.

jill-imageI know what people think about us. Millennials just want everything handed to them. Instant gratification. And while that’s true in many ways, when you go by the numbers, we actually have a pretty good handle on our money situations. We saw our parents get burned in the stock market crash and we’ve vowed that won’t happen to us.

So many Millennials are frugal. We’d rather live with mom and dad until we pay off student loans. We’d prefer to invest money in a house rather than throw it away on an apartment each month. All that money is going into retirement and savings accounts—at banks.

Funny thing is: Millennials are also the least likely age group to agree that their banks have their best interests at heart. In fact, we’re the least engaged and satisfied with our banking experience.1 Smells like opportunity, eh?

Definitely. Because 45% of us would switch banks if a better option came along.2 Actually, one in three of us would be open to switching in the next 90 days.3 Here are 10 ways to get us there:

  1. Represent us. Research shows that our loyalty would be improved by a more relatable banker. So yeah, not some old, rich, white dude. We want diversity, people.1
  2. Better technology. 68% of Millennials are more likely to change to an alternative digital financial services provider because of advanced and mobile technology for more helpful services.4
  3. More convenience. Inconvenient branch locations and too few ATMs are tied as the number three reason Millennials switch banks.5
  4. Be in the community. Local banks are the biggest “winners” in attracting Millennials with a 5% migration.6
  5. Talk face-to-face. 48% of Millennials said they would like their banks to offer video chat on their website or mobile/tablet application.6
  6. Be helpful. 47% of Millennials said they would like their bank to provide tools and services to create and monitor their budget.7
  7. No fees, please. 56% of Millennials said they would leave their current bank for an account that automatically paid overdraft items, but didn’t charge a fee.8
  8. See you online. 49% of Millennials would be much more likely to consider banking and financial services from digital alternative providers like Google, Apple, or Amazon.4
  9. Rewards all around. Millennials link their rewards-earning capability to a credit card (26%), compared to 10% and 8%, respectively, of Generation X and Baby Boomer consumers.9
  10. We care about what other people think. 63% of Millennials cite personal experience, reviews, or recommendations as being the most influential when choosing where to open a checking account. Do what you can to ensure it’s all good things being said.10

Want to know more about Millennials and their money? Just give us a call.

Sources
1. Gallup
2. Cryptocoins News
3. Business Wire
4. Makovsky
5. FICO
6. Accenture
7. The Financial Brand
8. Saylent
9. Excentus
10. Medallia

How can we help you make change?

There are no comments yet. Be the first and leave a response!

Leave a Reply

Your email address will not be published. Required fields are marked *

Where’s my money? Millennials’ thoughts on banking.

jill-imageI know what people think about us. Millennials just want everything handed to them. Instant gratification. And while that’s true in many ways, when you go by the numbers, we actually have a pretty good handle on our money situations. We saw our parents get burned in the stock market crash and we’ve vowed that won’t happen to us.

So many Millennials are frugal. We’d rather live with mom and dad until we pay off student loans. We’d prefer to invest money in a house rather than throw it away on an apartment each month. All that money is going into retirement and savings accounts—at banks.

Funny thing is: Millennials are also the least likely age group to agree that their banks have their best interests at heart. In fact, we’re the least engaged and satisfied with our banking experience.1 Smells like opportunity, eh?

Definitely. Because 45% of us would switch banks if a better option came along.2 Actually, one in three of us would be open to switching in the next 90 days.3 Here are 10 ways to get us there:

  1. Represent us. Research shows that our loyalty would be improved by a more relatable banker. So yeah, not some old, rich, white dude. We want diversity, people.1
  2. Better technology. 68% of Millennials are more likely to change to an alternative digital financial services provider because of advanced and mobile technology for more helpful services.4
  3. More convenience. Inconvenient branch locations and too few ATMs are tied as the number three reason Millennials switch banks.5
  4. Be in the community. Local banks are the biggest “winners” in attracting Millennials with a 5% migration.6
  5. Talk face-to-face. 48% of Millennials said they would like their banks to offer video chat on their website or mobile/tablet application.6
  6. Be helpful. 47% of Millennials said they would like their bank to provide tools and services to create and monitor their budget.7
  7. No fees, please. 56% of Millennials said they would leave their current bank for an account that automatically paid overdraft items, but didn’t charge a fee.8
  8. See you online. 49% of Millennials would be much more likely to consider banking and financial services from digital alternative providers like Google, Apple, or Amazon.4
  9. Rewards all around. Millennials link their rewards-earning capability to a credit card (26%), compared to 10% and 8%, respectively, of Generation X and Baby Boomer consumers.9
  10. We care about what other people think. 63% of Millennials cite personal experience, reviews, or recommendations as being the most influential when choosing where to open a checking account. Do what you can to ensure it’s all good things being said.10

Want to know more about Millennials and their money? Just give us a call.

Sources
1. Gallup
2. Cryptocoins News
3. Business Wire
4. Makovsky
5. FICO
6. Accenture
7. The Financial Brand
8. Saylent
9. Excentus
10. Medallia

How can we help you make change?

There are no comments yet. Be the first and leave a response!

Leave a Reply

Your email address will not be published. Required fields are marked *