IS YOUR BANK OR CREDIT UNION RELEVANT TO MILLENNIALS?

According to Forbes.com, among Millennials who bank with one of the megabanks, four in 10 said they would purchase the subscription services from their bank. By expanding services to non-financial offerings, both banks and credit unions become more valuable to a large population sector. 

​Today, millennials have surpassed Baby Boomers as the nation’s largest living generation. With an estimated 75.4 million millennials in the United States (according to population estimates released by the U.S. Census Bureau), businesses have been scratching their heads trying to discover the best way to engage them.  Based on research and Lanvera’s 30+ years of experience in delivering business-critical data, here are two demands this generation has when it comes to the way you communicate with them:

1. Millennials Demand Digital
A decade ago, almost all web browsing took place on desktop and laptop computers. Now, smartphone popularity has rapidly changed the technological landscape, and in turn, consumer expectations.  And millennials are leading the charge. According to a new report from comScore, computer use is dropping off quickly as mobile devices encourage new types of interaction. In fact, many millennials don’t use computers at all, instead relying entirely upon their smartphones.

According to CCG Catalyst Consulting Group, 92% of millennials say they would choose to work with an organization for its digital services. Millennials are accustomed to accessing data at any given point from any mobile device or computer. To keep up with changing demands, it is imperative to partner with a communications vendor who offers innovative solutions such as SMS and email delivery, as well as direct access to documents on your ePresentment platform.

2. Millennials Demand Personalization
​According to USC Dornsife, 62% of millennials report that personalized brand engagement is more likely to make them a loyal customer. Millennials, as well as other generations, want and expect the personal touch and collaboration that one-on-one communication allows.

​Many businesses are already placing ads on social media networks and other websites, allowing users to click and instantaneously be directed to a chat window with the brand. With your business-critical communications, you can implement a few strategies to capitalize on this movement, such as live chat features between customers and your organization, as well as providing direct links from your ePresentment to popular social media platforms to enable quick sharing of information.

Conclusion
For more helpful statistics about millennials, visit goldmansachs.com and leadscon.com (an expanded aggregation of stats).  With millennials and other generations, it is always a best practice to keep an eye out for trends and statistics that can help you understand customer demands and expectations when it comes to your business-critical communications.