Why would a Facebooking, Snapchatting 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.
Services used by younger consumers – including of the financial variety – need to be just a click away. So they may naturally gravitate to the online fluency of fintechs or other online financial services, a language they’ve been using much of their lives.
And while financial institutions are constantly improving online and mobile banking technologies, many younger consumers still see the traditional bank or credit union as only a transactional intermediary for accessing money or depositing a paycheck.
Attracting this group of consumers can be a challenge, but it can be worth it in the long run. As a group, millennials are the fastest growing and largest population segment in the U.S., with more than 75 million men and women. They’re at the start of their most productive years. They’re starting new jobs, maybe life in a new city or out of their parents’ home, with futures that may include buying homes, marriage and family, and planning for retirement.
For banks and credit unions there’s a lot of potential for growing life-long, profitable relationships with these millennial households, with financial products they’ll need as they experience all these life stages. Financial institutions can start that relationship with a checking account product tailored to their current needs along with the features and services they’ll be excited to use.
With the right acquisition tools, you can target younger, high-value households in your trade area. What about your offer? Is it personalized? Does your messaging take an informal, approachable tone that will appeal to younger consumers?
Do you talk about key features that millennials value, such as a debit card, low- or no-fee checking, low- or no-minimum balances on accounts, rewards programs or cash back options? What kind of incentive can you grab them with?
Of prime importance for this demographic: Emphasizing your online and mobile channels and their ease of use, as well as online budgeting tools and other features millennial account holders value. And with a personalized mailing in hand, make it easy for prospects to accept your checking account offer with online account opening.
Targeting the right millennial households with the right offer at the right time means lots of younger consumers will be clicking the “Like” button – for your financial institution.