Millennials will soon make up the majority of the workforce and are the most mobile and tech-savvy segment ever. This generation has unique needs, and so far, most banks and credit unions are falling short of delivering the experience desired.
When it comes to the Millennial segment (those born between 1980 and 1996), financial marketers shouldn’t believe everything they hear. Along with several important truths, there are many long standing myths that can negatively impact the effectiveness of marketing initiatives to Millennials. There is no arguing that the Millennial customer base is growing and will soon be more important than any previous generation. It is also true that Millennials are highly mobile, technically savvy and open to new ways to conduct their banking. On the other hand, Millennials don’t differ as much as many marketers believe in their use of banking services. In addition, because the early Millennials are reaching their prime, this segment provides significantly more immediate opportunity than most marketers realize.