|As the largest generation in the U.S., Millennials are expected to provide major growth opportunities for financial institutions – but not all Millennials are the same. We have identified 10 unique Millennials segments that will help financial institutions tailor pertinent messages at the right time and via the right medium.
Millennials are not as influenced by traditional media as previous generations, and financial institutions will need to increasingly rely on nontraditional marketing to keep up. Sixty percent of Millennials say they like a company reaching out to them for purposes other than selling them something, but 43% complain that financial institutions don’t reach out to them in their preferred medium. Also, a significant percentage of Millennials open financial accounts to take advantage of loyalty and reward programs.
Understanding the nuances of Millennial market characteristics, buying behaviors and communication preferences is essential to compete effectively for their business.
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