We recently talked to about 1,000 people about their banking habits and preferences … many of them Millennials. This is what we learned:

 

Perhaps the most dangerous pitfall for a marketer is assumption. A steadfast, Biblical confidence in a misconception.

  • Everyone over 65 is mystified by technology.
  • Branches will die because Millennials only want online access.
  • You can believe everything you see on MSNBC and Fox News (alright, no one believes that one).

It’s always best to plan your Millennial marketing on what you hear straight from the horse’s mouth – if the horse in question is an 18-34 human.

Luckily, we have the opportunity to do just that as we’re in the quantitative research phase of two separate branding projects.

Out of the Mouths of Babes … and a Few Dudes
We recently talked to about 1,000 people about their banking habits and preferences … many of them Millennials. This is what we learned:

  • When they have checking and a loan, nearly 60% of 18-34s will have them at the same institution. They are more loyal in this respect than any other age group.
  • When selecting a Primary Financial Institution, Millennials all look for great online banking and mobile access, right? Not so much.
    • More than half select a PFI based on branch location – a trend that was consistent across age groups. In fact, “Online Access” scored the lowest among 18-34s after “Established Relationships” and “Product Selection.”
    • “Online access” actually scored higher with both 35-50 and 51-64 age groups as PFI criteria.
    • Price or “Rates and Fees” was not mentioned at all with the Millennials we surveyed
  • Even if they may not focus online when selecting a PFI, the majority of those 18-34 still conduct most of their banking electronically. But here’s the catch, nearly the same number said they conduct most of their banking in person! The rumors of the branch’s death may be greatly exaggerated!!!
    • This survey also showed 18-34s using fewer different means of transaction than older groups: Online, in person and ATM.
  • Its really no surprise that, if they were to look for a new financial institution, 18-34s focus on branch location. Price ranked next and online access ranked third followed by product offering and reputation.
    • Those age 65+ ranked online access about as high as every other age group.
  • The checking account must be were this e-generation is going to show it’s true colors! Not so fast. When asked what they look for in a checking account, nearly 50% focus on low fees. Online access and mobile access both ranked dead last in purchase criteria.
  • If this survey holds true, if you have better locations and lower fees, you can persuade more than 60% of 18-34s to switch to you. Where better technology will get you about 17%.

So, what do you think? Are these results Myth Busters? Are you surprised? Is this what you’re experiencing at your branches? Lets us know in the comment section below.

READ MORE ABOUT MILLENNIALS
Attract Millennials to Your Branches … Yep, I Said Branches!
Field Work with 20,000 Millennials

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