Millennials are known for their short attention spans and quick-to-decide nature. Apart from these traits, waiting for long hours in queues or fussing over the counter for basic service isn’t their strong suit. To add fuel to their traits, the dawn of the digital era and availability of solutions online has literally carved out an educated and well-informed generation that makes decisions in fractions of a second.
The query which might be boggling a banker’s mind then could be: How to serve this generation’s clients in ways that appeal to their preferences? The answer is simple. Banking enterprises need to educate themselves about this generation’s traits and then come up with adaptive solutions. To shed a little light on the subject, a brief list of millennial traits and tips on how to deal with them is attached below.
How to Serve the Millennial Clients
Instant Solutions
Millennial, as mentioned before, are a generation which was born with internet and computer devices in their laps. They are accustomed to ‘Google-ing’ solutions online even before they reach out to someone physically. This trait shows their tendency to educating themselves when a need or problem arises. They like to take control of their matters, whether personal or financial.
Thus, banks today must establish their online presence in the form of a website and create social media profiles too. They must assign a representative the job of posting useful information and interact with their followers. In case a follower type in a query in the comments section or reaches out to them via their inbox, they must establish systems to respond to the customers’ queries within a decent amount of time.
This also implies the fact that banks must have 24/7, within reach customer service hotline or chatbot, etc. to help clients get in touch with them in times of need. For example, in case a customer loses their ATM card, they must be able to instantly get in touch with the bank’s helpline or representative online to get them notified and have the card blocked.
If this process takes more than 30 minutes, then it is a moment of reconsideration for the bank’s management about their priorities. If their priorities are related to their customers’ convenience and facilitation, then a client’s complaint such as this must be dealt with within 30 minutes and must not be delayed any longer at all.
Participation in Social Responsibility Activities
Millennials love to associate themselves with beliefs and good causes. They like to identify themselves with brands that truly reflect their values. This trait makes them different from traditional banking customers who would just care about the ‘services’ they are getting and not the impact of the organization.
Millennials do care about a banking organization’s impact on society. So, if you want to market your services to Millennials or want to create loyal customers out of them, then start participating in socially responsible activities. Show them that your enterprise gives back to society more than it takes from it and helps in the betterment of the people.
The millennial generation is not difficult to deal with, just a bit tricky! All you have to do is crack the code and find your way around their minds!
Author: Eyal Nachum, fintech guru and board member at Bruc Bond.