Millennials contribute $1.3 trillion to annual consumer spending and they are expected to continue boosting consumer spending for years to come and they show the greatest demand potential for loan products in the U.S. Understanding the current borrowing needs and behaviors of this segment is essential to financial institutions that want to build long-term relationships with Millennials.Download PDF
By pairing data from the recently published BAI Retail Banking Outlook survey, and Harland Clarke’s personal data from years servicing the financial industry, we’ve compiled the following 5 trends to be aware of in 2017. Is your financial institution (and contact center) sufficiently prepared? Read on.
"What sets Millennials apart is what they don’t want. Let me explain..."
Why would a Facebooking, Snapchating millennial be interested in opening a checking account at your financial institution? Younger consumers live on their mobile devices. According to Facebook, the average millennial checks their phone more than 150 times a day. They seek information via online tools and engagement via apps.