How To Engage Millenial Banking Customers

Millenials have now overtaken Baby Boomers as America’s largest generation, becoming the primary force behind today’s innovations in customer experience. This demographic has incredible spending power, but their reliance on technology means banks need to keep up and make significant upgrades in order to win their loyalty. So how does a bank meet this demanding generation’s needs and constantly evolving expectations? First, you have to know what they prioritize and then shape your institution’s customer experience to match them.

Real-Time Solutions And Services

Speed is of the highest importance, whether you’re providing online or in-person services. If a customer has a question about their eligibility for a small business loan, he would choose connecting with a live chat agent or send you a Tweet rather than calling the contact center or fill up a form on your website. When they do start a web chat or send a Tweet, they expect a near-instant response as well.

Automation Over Human Intervention

Modern bankers appreciate automated processes over traditional ones that require a lot of time, multiple steps or the input of a human banking employee. Some successful innovations include mobile check deposits and peer-to-peer payments, both very popular solutions that streamline transactions into a short series of clicks, no other intervention needed.

24/7 Banking Support

Millenial customers do not like to be limited to support within official business owners. When answers are usually a few clicks away at any hour of the day, they prefer financial institutions that guarantee 24-hour support. If all-day customer service isn’t feasible, offering self-service solutions should be your next option. The closest alternatives you can provide are online resources such as blogs, forums or FAQ pages.

Intelligent Solutions Tailored To Your Customers

An easier way to provide all of the above to customer challenges is to make use of intelligent solutions such as DecisionHawk. The majority of current and potential banking clients already have a defined problem, such as not knowing the right funding source for their business or the best way to raise money. This tool understands these challenges and provides the best available options using key criteria chosen by the customer. The resulting evidence-based data driven decisions will help them reach their goals while reducing risk at the same time.


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