5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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Millennials are finally coming of age. They’re poised to become the largest generation in the U.S., and their current age range — between 18 to 34 — means they’re gaining significant power as consumers.
As Millennials enter the adult world, they take on new financial needs. And research shows that they’re aware of this shift. Sixty-four percent think it’s important to have a relationship with a financial institution, a recent study by the Independent Community Bankers of America found. And an Accenture study found — with some surprise — that Millennials are actually more interested than older generations in building and passing along wealth than previous generations. This interest represents a huge growth opportunity for banks.
The only problem — Millennials are less sure who they want to buy financial services from.
Again, recent research confirms this uncertainty. A particularly pointed example is a Viacom Media finding that 73% of millennials would rather handle financial services needs with Google, Amazon, Apple, PayPal, or Square than with their current bank.
This raises the question: what’s driving this uncertainty? Which specific needs and preferences impact how Millennials choose to use — or not use — various banking services and channels?
The Medallia Institute has just released research on this topic. They asked Millennials and Baby Boomers about their relationship with their bank — what qualities they value most, which banking channels they use, and how they’d react after good and bad experiences.
Check out the complete findings below: