Banking / Finance

Crafting the ideal banking experience for millennials

11th Feb `16, 12:06 PM in Banking / Finance

For Millennials, unique experiences have a profound effect on their brand loyalty, and that they are indeed more…

BDMS
Guest Contributor
 

For Millennials, unique experiences have a profound effect on their brand loyalty, and that they are indeed more focused on experiences than physical possessions. In research conducted by Shikatani Lacroix, 49% of Millennials vs. only 22% of Boomers value the experience a brand provides over the value an actual product or service delivers.

Millennials see themselves very differently from previous generations — as innovators, and early adopters of new technology and disruptive processes. Furthermore, Millennials crave experiences that allow them to be part of a unique story that they want to share with friends, and they want those experiences to be entertaining, educational, inspiring and memorable.

This is one of the fundamental reasons financial institutions have struggled to appeal to Millennials — they are focused on the mechanics of transactions, and not the emotive experience. To be more attractive to Millennials, banks and credit unions need to develop an omni-channel experience around three key levers of change: brand message, integrated processes and structural shifts.

 

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