Millennials are poised to disrupt the banking industry. After all, one-third (33%) believe they won’t need a bank at all in five years. Recently, Resonate issued a joint study with the ANA on Millennial banking practices. The report, “Winning on the ‘Why’ in Financial Services,” is about the banking industry’s marketing future, including the significance of targeting via the financial values of Millennials. Here are the top three things you need to know:
Create Messages that Emphasize Values Over Lifestage
When it comes to utilizing financial services, a Millennial’s age could be less significant than the group’s values and motivators. Consider this: according to Resonate’s 2015 survey of 6,500 Millennials, more than half (56%) of the generational group rated financial security as “not important” when making life decisions. They rate financial security below values such as “sharing experiences,” “personal freedom,” and “self-fulfillment.”
“Digital Friendly” Outranks “Millennial”
According to an Accenture survey, 40% of Millennials said they would consider keeping their money with a technology firm such as Amazon, Apple or Google, over one of the major banks. However, demographic differences alone are deceiving. According to Resonate 2015 data, 23% of all U.S. adults would consider an online-only bank, yet the majority (63%) are not Millennials. This large “digital friendly” cohort is defined not by age, but rather by proclivity to embrace tech. This suggests that focusing on “digital friendly” over age would be more effective in marketing messaging. And, diving deeper into the values of this “digital friendly” group – such as their affinity for green lifestyles, and their wanting a sense of personal accomplishment – could go even further in crafting campaigns.
Millennials are Motivated by Mobile, and Mobile by Millennials
When it comes to finance, Millennials want everything to be mobile. But, Resonate data shows this mobile-friendly banking group is less defined by age, than by their affinity for mobile tech. Millennials make up less than half (48%) of mobile banking users. Mobile banking users of all ages want to do more than check account balances or deposit checks on their phones – they are significantly more likely to want to open new accounts and initiate loans online, too.