HOW BANKS CAN GAIN THE LOYALTY OF MILLENNIALS By Julio Herrera Velutini

Introduction Julio M. Herrera Velutini serves as the chairman of an

international bank headquartered in Puerto Rico. In this role, Julio Herrera Velutini closely follows developments and research related to the banking sector.

The Financial Brand, a digital publication focused on the banking industry, recently published an article with suggestions on how banks can gain the loyalty of millennials and younger consumers. According to the article, banks and credit unions can attract millennials by developing more personalized and robust digital banking options as opposed to opening and maintaining branch locations.

Banking The article states that millennials will expect banks to

accommodate their lifestyles and digital banking preferences as they accumulate capital and gain more economic influence.

To further accommodate millennials and secure their loyalty, banking institutions can provide innovative products that focus on issues specific to younger consumers, such as student loans. Banks can offer millennials ways to refinance student loans, start investing, or build their savings. For many young consumers, it’s also important that financial institutions allow access to financing and are able to assist with major financial decisions.