Let’s talk about digital millennials. They make up one of the fastest-growing market segments these days. A recent article highlighted some key findings about this demographic. Namely, there is a seismic generational shift underway, with the millennial demographic now capturing over 25% of the U.S. population. The millennial population is now larger in numbers than the baby boom generation! Banks and credit unions have taken notice, and are stepping up the way they think, budget, and strategize in order to connect with this larger, more tech-savvy generation. Enter the all-powerful mobile app.
Statistically speaking, 87% of those born between 1982 and 2000 claim to always have their phone on them. With numbers like these, having a mobile app that allows bank and credit union customers to do business electronically is clearly worth the investment. Mobile apps further their value by giving you the ability to send notifications and alerts to customers, which keeps your financial institution’s touch points active. Additionally, you can use that same mobile app platform to distribute content, from general updates to targeted life-event offers, and you have a winning combination to reel in more of the digital millennial market.
Finding unique ways to connect with this audience is an easy step forward that will pay dividends down the road. But tapping into the millennial generation doesn’t mean that you must be completely high tech or implement technology with everything you do to satisfy the market. In fact, 70% of millennials say they prefer a simpler approach and easy communication and would rather check their account balances from an institution’s website. Keep in mind here that the Internet will be your first and primary form of contact to then draw them into a branch location. . So, the first step is to keep the more basic touch points, such as your website, cutting edge and easy to use and navigate. How about the next steps, though? With a mobile app, you can become even more “millennial friendly” and put your institution, your offers and news, just a tap away from 87% of a demographic segment that lives and breathes digital.