These days, it’s all about the millennials. (Or, if you prefer, snake people.) What do they like and dislike? What apps are they obsessed with? Given that millennials will become the nation’s largest living generation this year, businesses want to know everything about them.
It’s interesting to see what companies are doing to up their “fun factor” and appeal to the younger generation. Banks are a great example. Millennials don’t automatically associate “banking” with word “fun,” and banks know it. So how are financial institutions targeting this demographic?
- Think mobile: In banking, more than 70 percent of millennials have used mobile services in the past year, 94 percent use online banking and more than 80 percent have smartphones. Today, you’d be hard pressed to find a bank that doesn’t provide a mobile app, allowing transactions to be made just how this group likes to do almost everything—with the press of a fingertip to a screen.
- Think community: Millennials also are drawn to financial institutions that foster a sense of community. Many young adults lack knowledge of personal finance, so it’s important that millennials trust their banks. Many banks address this via social media, where today you’ll be hard-pressed to find a bank that doesn’t have Facebook and Twitter, pushing out important personal finance information. Today, we’re also seeing banks look for ways to incentivize the younger crowd to join their institutions.
- Think Trends: If you’re targeting the younger of the millennial spectrum, one word should sound familiar: Selfie. MasterCard is taking the trend to the next level, piloting a program designed to tighten security that not only uses fingerprints, but facial scans as well. As MasterCard’s leader of innovative solutions for security challenges Ajay Bhalla put it, “The new generation, which is into selfies… I think they’ll find it cool. They’ll embrace it.”
These are just a few tactics banks use to engage the next generation of consumers. Which do you think have staying power? Tweet your thoughts to us at @solomonmccown.