Sorry banks, millennials hate you

Publicado el 27 January 2019
Archivado en software, Tecnologias | Comments Off on Sorry banks, millennials hate you

Along with some other industries, banks are the most hated brands among millennials. 53% of them think that their bank does not offer anything different from the rest and 33% believe that banks will disappear in five years. The positive thing is that almost 50% believe that technology can completely change how banks operate.

millennial shate youAnd these data reflect an attitude that we have seen frequently in banks nowadays. Banks managers say that they find an aversion in the millennial costumer in general. They just don´t want to go to banks and make lines. This happens above all with young people, who were born and behave naturally in the digital world.

Technology has infiltrated every aspect of our lives and this behavior has already driven some banks to change. And while many companies in the banking industry are focusing on attracting young people and new consumers, some banks are aware that this is the tip of the iceberg.

The new currency: experiences

We live in a society in which the largest retailer in the world (Amazon) produces nothing, the largest transport service (Uber) does not own cars, the largest hotel chain (Airbnb) does not own real estate. Perhaps this is why having things has become something of the past. Today is to live experiences.

So, while technology can help us to be at the forefront, to offer different services and to become relevant, this is just a tool. The important thing is what we do with it. And this is why today, everything must be simple, immediate, consistent and above all technological.

If millennials do not go to the bank, take the bank to millennials. The most common mistake that some brands make is to try to transform their clients so that they act as they expect. What we really should be doing is reinventing ourselves.

Customize the experience

Millennials want everything to be a reflection of themselves – from their smartphone to how they buy. The banking experience should not be the exception. Personalization can range from creating your own savings plan, to designing an avatar for the banking app.

Talking about finances can be complicated. Luckily, this generation is very visual. Help them to stop feeling lost and frustrated with informative videos. From a tutorial of use, tips to save for that trip they want to do, to key data of your account.

Take advantage of technology

Digital channels are gaining relevance because consumers know that they can obtain a more agile response with the same level of efficiency as if they had gone to the agencies. Having an app with limited features will not make you “millennial-friendly”. Therefore, if you are going to invest in this solution, make sure you have ALL the options available so that your consumer does not need to use any other tool.

Anticipate their needs

Managing money can be complicated. This is why many consumers do not know what they need from their bank. Do not wait for your customers to come to you to save more or know if it is time to buy a car. Become the financial mentor of your clients and earn their trust.

If banks want to be relevant in the future, they must be willing to evolve. Technology is their most important ally and it indispensable to innovate and to love their consumers.



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