how banks can win the loyalty of millennials

Winning the

ofmillennials

loyalty

It's no secret thatmillennials are afinancial force tobe reckoned with

millennialswill have the highestspending powerof any generation

By 2018

And they're not loyal.

have switched bank in thelast 12 months

18%

Source: https://www.accenture.com/us-en/insight-consumer-banking-survey

Compared to just

of customers aged 55+

3%

Source: https://www.accenture.com/us-en/insight-consumer-banking-survey

What do millennials

in alook forbank?

Engagement AuthenticityAdvice, via theright channelsValidation, onfinancialdecisionsResponse totheir feedback

PersonaliseddialogueCustomisableservicesGood value

92% would choose a bank for its digitalservices

30% have at least one financial product thatisn't provided by their bank

68% use online banking

So what are their banking habits?

Source: http://www.americanbanker.com/news/bank-technology/what-do-millennials-want-from-banks-everything-nothing-whatever-1079945-1.html

How can banks

meet

needs?these

Select the right channels

to engage with customers

1

Bank of Ireland mortgageadvisors conductinterviews over FaceTimeor Skype

Online and mobile bankingdelivering excellent UX iscritical, but banks can gofurther

Offer a range offintech-style services

that connect toyour core offering

2

It's 'Fintegration': small businesscustomers can applyon the ScotiaBankwebsite for a loanfrom Kabbage inc.

Empower customers

to save and plan

3

OnTrees offers aself-service planning toolwhich aggregatesbalances from accountsat multiple banks

Conclusions

Millennials aren't really so

different

consumersto previous generations of bank

They may beless likely to

visit their bankmanager

...but they'recertainly notunconcerned

about theirfinances

Reachingthem

requiresadept use

of carefullyselectedchannels

...and constantly

evolvingdigital

functionality

This is what we help banksachieve at

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