Millennials vs. Traditional Banking

Millennials are looking for banks that will give them that personal touch of banking and will judge banks based on their digital capabilities. If we are going to select a bank, an institution that will be responsible for managing­­ our money, you better believe that we are going to do our research and learn everything there is to know about your institution. We will dig for information by researching the services your institution offers but we will also read online reviews. We want to know what to expect before we commit with your institution. We will not only look at positive reviews but we will also look at how banks respond to negative reviews. We are aware that everyone makes mistakes but it’s important to us how those mistakes are handled. This will give us an idea on how we might be treated in the future if we have any issues or negative experiences with the banking services.

 Here is a list of important factors that Millennials will be looking for in banks:

 A Personalized Touch of Banking

Many of us have just started the stage in our lives where we are beginning to make financial decisions. We are looking for banks that can advise us on how to save and how to budget. We may or may not have personal guidance on making sound decisions so we are looking for banks that will be patient, helpful and genuine to us throughout the process. If we gain your trust, we are probably going come back the next time we have questions.

 Being honest about your products

We want to know about what fees we might encounter before we open a bank account or a credit card. We want banks that are willing to educate us and walk us through the details of the process. This promotes trust and prevents us from flipping out over crazy fees later.

 Engaging Brand Content

We are looking for brands that go beyond traditional advertisements on billboards or even on websites. Honestly, we might not even pay attention to them. We are looking for brands that will engage us in our personal lives, such as promoting community events, reviewing local restaurants, or offering financial advice.

 Mobile friendly options

We want a mobile banking app that will offer convenient services that go beyond just checking our account balance and transactions. We want an app that gives us the choice to scan deposit checks or can do real-time payments. We are even interested in a digital wallet.  If your app does not support these services, chances are we will be deleting it. We want apps, which by the way take up a lot of storage, that are useful to us and can help us in our daily lives. We don’t want an app that has some useful features; it’s all or nothing.

 A Great User Experience

Not only do we want an app that delivers convenient banking features, we want an app delivers a great user experience. We want an app that is hassle free and easy to use. We want an app that has a simple design that is easy to navigate through. We don’t want an app that from time to time will open and randomly close on us when we’re using it.

 A Great Customer Experience

If we encounter an issue regarding our transactions or have a question about our credit card statements, we want the process of contacting a customer service representative to be smooth. We want our questions answered in a timely manner.

 Millennials are not only looking for exceptional digital services, most importantly they are also looking for banks that they can trust and have that personal touch of banking.

 

Author: Jessica Huynh

 

Sources:

 Chen, Ann. “5 Essentials Millennials Expect From Their Banks.” #BankSocial. N.p., 14 Nov. 2016. Web. 25 Feb. 2017.

 Yurcan, Bryan. “What Do Millennials Want from Banks? Everything. Nothing. Whatever.” American Banker. N.p., 16 Mar. 2016. Web. 28 Feb. 2017.

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