Millennials and mobile are transforming retail banking. Yet they’re also quick to change platforms if their needs for speed and ease of use.
While bank wealth management groups may not find their younger clients to be profitable initially, working with them is important for the future.
Christopher DeAngelis says Millennials, though raised in a digital milieu, must step up to keep their bank information secure.
To optimize marketing efficiency and performance, financial institutions need to enhance their core data, segment their audience, use consistent messaging across channels and use closed-loop attribution to measure performance.
While Millennials are certainly more tech-savvy than previous generations, they also display a surprising preference for opening checking accounts at the branch, which provides cross-sell opportunities for financial institutions.
While banks often struggle to lend to microbusinesses profitably, leveraging their branch sales force effectively can improve the odds.
Financial institutions can improve the customer experience by making themselves easier to do business with, being guided by the Voice of the Customer and by systematizing data collection and usage.