Millennials are beginning to take leadership roles in the workforce and as such can no longer be kept at the margins. Financial institutions in particular are being forced to rethink what they do — and what they offer in order to best serve the customers of today and tomorrow.
Millennials (those born between 1981 and 1996) are the largest generation in the workforce today and are now the driving force behind many new trends in business. They are more technically adept — significantly so — than any generation before them. With the digital natives’ fondness for doing everything online using a smartphone, tablet, or (if they must) a laptop, it might be easy to conclude that bank branches will become a thing of the past.
While most experts agree some transactions will indeed end up being phased out, not all disappear. Whether it’s to arrange financing for a vehicle or real estate, consolidate debts such as student loan debt, or secure a small business loan, Millennials will still need to visit bank branches. When they do, they’ll expect a high level of experience and expertise. Smart financial institutions will take advantage of these visits as opportunities for richer interactions.
A new Epson publication, “Resetting Service for the Financial Institution,” provides information for financial institutions looking to use their branches to better serve — to embrace — the customer of the future. Among the topics covered in this timely publication:
- Trends and implications – how the demographic shift to Millennial-dominant is forcing financial institutions to quickly evolve their business model
- The service hub model – reinventing branches with the goal of increasing efficiency, customer loyalty, consistency, and branding
- Using data to enhance customer interactions – gaining access and analyzing data, with the goal of building a plan for evolving what banks offer and enhancing service to future customers
- Technology and process – delivering the right services to tech-savvy customers using the best combination of new technologies
An epic amount of wealth will transfer from baby boomers to Millennials over the next few decades. That means the time for financial organizations to make their move is not soon, not tomorrow, but now … today. Although myths about this emerging cohort being isolated and unreachable — in effect, not valuable customers — have been all but debunked, huge challenges remain for banking leaders who want to engage this group.
Are Millennials going to change banking forever? Like it or not, it would appear so. Members of this fascinating cohort are just now coming into their own — starting careers, making serious money, buying property, investing or thinking about investing. Banks know this full well; however, there’s a Grand Canyon of difference between knowing it and acting on it. This chasm is roughly the same distance across as the one separating smart, future-ready financial institutions from those that will end up playing perpetual catch-up or, more likely, fading into oblivion.