Millennials Aren’t The Only Customers Looking For Non-Traditional Financial Services

A recent study shows that the majority of millennials expect to live comfortably during retirement and over half would consider investment risk to get there.  While they also tend to be driven by mobile or social media preferences, they aren’t the only ones that are showing favor for non-traditional financial services. Getting to know millennial customers, including both their current needs and future goals, is important for positioning your financial business for success.

It may seem surprising that millennials, traditionally thought of as mobile-friendly, make up less than half (48%) of the mobile banking users according to a study discussed in “Millennials Have Unique Financial Mindset,” posted by Tanya Gazdik Irwin on MediaPost.com.  Yet nearly a third of millennials don’t plan on needing a bank within five years.  Another study indicated that about 30% of millennials with a net worth of under $1 million plan to use their wealth to benefit society, while 60% were more concerned about living comfortably during retirement.  See any trends with these observations?

Irwin suggests that millennials are influenced by their life experiences, particularly the latest economic recession, challenging job market, and balancing major life events such as buying a home.  It seems that millennial trends are as varied as the questions that were asked during the studies discussed in Irwin’s article.  While your customers may have unique and varied needs, they still need guidance when it comes to banking and financial management.  Provide the insight they are looking for by getting to know them better.

An integrated customer relationship management (CRM) solution can support efforts to strengthen customer relationships.  You can use CRM to manage customer-centric account information such as financial goals, preferences, communications, and a history of products or services.  You can streamline common practices such as account onboarding and loan origination, and use built-in workflows and customize guided dialogs to improve case management activities.  A centralized solution puts the right data at your fingertips so you can respond faster with superior customer service.

Learn more about your customers (millennials and other generations) by deploying CRM.  Contact AKA Enterprise Solutions to learn more about using CRM to improve customer relationships and provide the varied services that they want, when they need them.

By | 2018-07-06T17:42:10+00:00 September 22nd, 2015|Mobile|0 Comments
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Contributor: AKA Enterprise Solutions

AKA is comprised of professionals with deep experience in business, technology, and their respective industries. Our team members regularly share their knowledge and expertise through blog articles. We hope you find them helpful, and we welcome your comments.

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