Banks need to understand the needs and do business with millennials.
Jun 14 • 4 min read
Millennials are the future of our economy. They are responsible for $600 billion of buying power worldwide. Unlike 90s kids, they are tech-savvy as they grew up with the internet. They tend to do all regular chores with an application on their mobile phones.
Hence, millennials are less likely to visit a brick-and-mortar store for any reason. The same goes for their banking needs. They prefer instant messaging over customer care's long waiting queue.
Post pandemic, nobody will be standing in long queues or visiting any public place if it is avoidable.
The hassle of paperwork, stiff requirements, and complex procedures are not millennials' thing. They want flexibility from financial providers. Personalization is what they need. From a pillow cover in their room to the car they drive, everything they want according to their interests.
When it comes to their financial needs, the rule remains the same. The new generation is turning away from traditional banking.
We need to understand the desire and driving force of this new generation.
Keep things simple
Gone are the days when it was the duty of the eldest family member to keep all the crucial documents in place. And there was a separate folder for the bank. Millennials look for quick solutions and convenience. They couldn't give a lot of time to understanding the complex procedures and work accordingly.
Being known for lack of patience, they want things to happen quickly and without much effort. They want instant solutions from their financial service provider. From opening a new bank account to resolving their banking queries, if you can provide financial services in just a few taps, it's a win-win for you and the young customer.
Alongside traditional banking, new age banking services are what millennials want. They need a digital-first, branch-second approach that focuses on personalization and customizable banking activities. Today's generation wants 24X7 support and ease in their language, which might be costly to achieve with human agents.
Adoption of a flexible approach is mandatory. It's high time where banks must adopt all digital transformation to bring new generation customers.
Understand desires and emotions
Banks need to understand the lifestyle of the new generation. The sense of spendthrift, the ease of investment, being financially secure. These are some of the habits millennials attain. Hence, they trust their banks for their finances. The trust increases when the finance providers understand them just like a friend.
Millennials trust those banks that understand their needs. Banks need to be the best at what they do. Provide bespoke financial services to them instantly.
Traditional banking is very much different from new technology. Initially, banking required branch visits or live agents. However, millennials choose banks that are present in their preferred channels. They want to keep things compact. It would relish them if they can perform all banking activities wherever they are.
With the flexibility all around, they prefer banking also on their taps. The mode of conversation can change, but the data should be available across different platforms.
Looking at the scenarios, banks also started working with bots. The bots powered by AI provide an effortless experience to their new clients.
Well, banks need some significant transformations in their system. Attracting the new generation can become easy if they adopt a few things.
Today's generation wants a simplified process. Banks need a pressing customer service that involves them in financial management. Implementing bots can assist a lot to make the system simple. Enabling bots on different platforms like messaging, company websites and other collaboration tools can help you engage the customers.
Thus, helping you get a clear picture of the finances of these Gen-Zs. They'll engage more, and it will enhance their trust, making their banking experience delightful.
Voice-driven interaction features can make banking services smooth. This process brings a change in traditional banking. Today's generation wants support round the clock. An NLU-driven solution, such as IP phones, speech-enabled gadgets like Siri, Amazon Echo, can provide such support and work more efficiently than a human agent.
Today's generation prefers connecting via different social media platforms as customer care calls can consume a lot of their time. This way a user-friendly technology can add value to their banking lives.
All the banks have already switched to mobile applications and internet banking. But these things are not enough as people need directions for managing their finances. For this personalized service, a bot can help a lot. A bot can suggest the investments according to their financial goals. A chatbot can address basic needs and provide suggestions as per customers' past transactions & enhances customer experience.
Banks can leverage their services to a great extent by offering millennials what they desire. Thus, helping banks win the trust of the new customers. And they will invest more if banks can meet their financial needs. With the availability of information all around these, tech-savvy don't trust easily. It's difficult to manipulate them. Honesty is the best policy on which banks can work and recommend accordingly.
Understand the needs of the customers, and work on the features and provide them relevant offers. This way, a bot turned financial advisor can build authentic relationships with millennials.
GenieTalk.ai offers such bots for banking services, extending virtual functionality to help you attract a new customer base. These youngsters tend to invest more. Hence you can make millennials indulge in finances.
Book a demo now to see how AI-powered chatbots work.