I just saw the 2015 Growth Strategy Survey from Bank Director.

Only 40% of respondents felt that their bank has the appropriate products, services and methods of delivery to meet the needs and demands of Millennials.

So, have Millennials found a new way to bank?

I just saw the 2015 Growth Strategy Survey from Bank Director.

What a wealth of AWESOME information! They surveyed 168 CEOs, independent directors, chairmen and other senior executives of U.S. banks above $250 million in assets.

As a bank marketing nerd, my head was swimming in incredible data like Marlin the clown fish looking for Nemo. But the survey painted a Picasso style picture:

Only 40% of respondents felt that their bank has the appropriate products, services and methods of delivery to meet the needs and demands of Millennials (defined as people under 34 years old).

Huh? 60% of banks above $250 million in assets are NOT prepared for Millennials?!?!  WTF? (What Time machine are millennials Flying?)

I assume that everyone surveyed offers a variety of savings and loan options and have various ways for customers to access their money. And the survey tells me that, when it comes to mobile delivery:

  • 95% offer Bill Pay
  • 87% offer remote deposit capture
  • 86% offer account history
  • 69% offer balance check
  • 28% peer-to-peer payments
  • 23% offer photo bill pay
  • 18% offer Apple Pay

Few asset groups are likely to decrease their branch network … or sales staff size (Though many said they are likely to decrease teller staff).  So, Millennials will have buildings to walk into and people to talk to.

67-91% (depending on asset size) of banks say that they are looking to increase their technology investment. So Millennials will continue to have e-access.

So, have Millennials found a new way to bank?

Have they returned from their time machine or spacecraft with banking needs that are straight outta Star Wars?  Do we need the Death Star Community Bank to make these young adults happy?

Lets look at this logically for a second. What are folks aged 34 and under doing right now, as you read this brilliant article?

  • Graduating college
  • Launching into their first careers
  • Trading in their rusty ’84 Buick Regal
  • Finding the love of their life, getting married and combining checking accounts
  • Having kids
  • Buying their first homes
  • Trading in that low-end sports car for a minivan
  • Trying to put something aside for kid’s college and retirement
  • Possibly starting their own companies

Y’all have products and services to handle all of those life milestones, right? I thought so. Congrats … you’re in the 40%!!!!

So if only 40% of banks are ready for Millennial needs, I can only assume that 60% of U.S. banks only offer CDs and investments for old people.

Do you want to be prepared to bank Millennials? Yes, you’ll need mobile access and a good ATM network and branches … yes, branches. But if you want to make an IMPACT with Millennials, make sure they understand that you can help them through all of the life changes they are going through.

READ MORE ABOUT MILLENNIALS AND LIFE STAGES
     ~ Millennials will fly on their own … But not yet
     ~ Field Work with 20,000 Millennials 
     ~ 8 Life Stage You Should Market To (From our old blog site)

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