Financial marketers are obsessed with millennials, but millennials aren’t so fond of banks. A new infographic from Facebook IQ reveals that 44 percent of millennials feel like their banks don’t understand them, and 36 percent go so far as to “describe their current bank in unflattering terms.” (Cue the frowning emojis.)
This might read like a problem, but it’s also an opportunity. With 45 percent of millennials open to switching banks, financial institutions are in the position to convince them to make a change.
What can savvy banks do to reach younger consumers? For starters, keep in mind that nearly half of millennials prefer mobile banking. I’m a millennial, and I use my phone to check my bank balance, deposit checks, and watch my savings account grow. If I had to navigate a clunky website or visit a branch every time I wanted to make a transaction, I’d start keeping my money under my mattress.
Millennials are also seeking financial guidance for the money they may or may not keep under the mattress; surprisingly, 40 percent of all financial conversations occur on Facebook. As a result, financial service companies that publish helpful and straightforward content have the best chance to build trust with millennials. Look no further than Mint, the personal finance service that grew its user base to 10 million in large part to a small blog that offered great content.
To learn more about how banks can appeal to the coveted millennial demographic, check out the full infographic from Facebook IQ.