As millennials become the prime living generation, community banks are looking for fresh and innovative ways to gain their business. Millennials have grown up with technology and the Internet, thus having everything they need right at their fingertips. In order to cater to the millennial generation, community banks need to transform their marketing strategies to speak to this audience.
To get started, it is worth mentioning some noteworthy data that was compiled on millennials and their banking habits:
In lieu of that data, here is some advice on how community banks can connect with millennials:
1. Go Mobile
Millennials are now leading the way toward mobile banking for their financial needs. As a result, banks should look into adapting mobile technology such as a robust mobile app for smartphone users in addition to expanding digital banking capabilities.
Mobile and online solutions not only make customer service easier for banks, but are also designed to fit into the life of millennials. One prominent reason mobile banking has gained such attention is that millennials are looking for on- the-go financial solutions. Mobile and online payment solutions provide the efficiency and quickness millennials are looking for. By adopting mobile options, community banks can cater to the needs of millennials.
2. Be Authentic
Community banks have a unique lead that major banks don’t have: relationship banking. Customer service is of the utmost importance to community banks, as they service their local community on a daily basis. Their personal knowledge is great for millennials seeking more of a “one-on-one” financial approach as they maintain personalization and relationships with customers. This allows the bank to become a trusted business to the millennial.
Some outstanding ways community banks can accommodate being authentic could be creating programs tailored specifically for millennials like loyalty programs and using an interactive approach to provide information. Millennials are likely to come back to a bank if there is a creative and unique loyalty program such as rewards for banking activities, gift cards at special times of the year, or referral rewards for bringing in new customers. Community banks also need to make use of their website and social media platforms to engage with millennials - photos, special promotions, infographics, and insightful Youtube videos are all great examples of engaging marketing techniques.
3. Understand their financial concerns
Although the U.S. economy has improved the past several years, millennials are still wary and continue to struggle over financial issues. This generation is more likely to suffer from student loan debt compared to other generations, in addition to other financial burdens such as car loans and credit card debt.
Community banks can take the lead by providing rates and loans that are reasonably priced and additionally be a shoulder of support to help millennials repair their financial woes and lead them to success.
Millennials are surely a distinctive generation that has their own unique wants and needs compared to previous generations. Community banks can grow their customer base of millennials by going mobile, being authentic, and understanding their financial concerns.