As millennials move up the career ladder and begin making investments, attracting them as new customers has become critical for the health of banks and credit unions. But wooing this elusive demographic remains a challenge. For financial institutions, offering digital financial education and mobile-accessible services are the keys to a successful financial millennial marketing strategy. Here’s how and why:
Millennials expect their banks to be digital and mobile
For this digitally savvy generation, being able to access information on-demand is crucial. According to a recent FICO survey, 63 percent of millennials already use mobile banking apps. If you’re not providing a seamless digital and mobile experience, millennials will find a financial institution that is.
Millennials want and seek financial education
Compared to other demographics, millennials are 24 percent more likely to consider financial education an important feature of a financial institution. Given that research also shows that millennials have less financial knowledge than other generations, on-demand financial education, available through a variety of devices, is a cornerstone of any financial institution marketing strategy.
Making your institution mobile-friendly also helps attract other demographics
Although they are leading the charge, millennials are not the only ones using technology. As an added bonus, making more of your financial institution’s services digital and mobile-friendly will also help attract other demographics. According to an EVERFI study, 1 in 5 parents expect that banks will help teach their children about money; increasing that number will expand your financial institutions’ role in families’ lives, building cross-generational loyalty.
For more information on how to optimize your financial millennial marketing strategy through technology, download our free white paper, 10 Key Imperatives of Financial Digital Marketing.