As 74 million Baby Boomers begin reaching their highest net worth, it is now time for financial institutions, if they have not already, to start focusing on the next generations. From the latest census data, the millennial generation has become the largest living generation at 75.4 million. This generation approaches financial services in a different manner than the Baby Boomers but they both have similar demands when it comes to their banking needs.
Even though the millennial generation uses social media and technology to communicate, they do appreciate the personal touch. This is a good thing because the older generation thrives on face to face interaction. Financial institutions can take advantage of this common bond and transform from being transactional based to more relationship based. This manner of delivering financial services will help bridge the gap between the generations.
Below, are a few basics concepts to help attract the millennial generation, while strengthening relationships with the Baby Boomers:
The Customer Experience Expectations
After years of being rewarded with trophies and ribbons just for participation, the millennial generation is used to having everything for nothing. This is the generation, even though young, is expecting to be treated as equal. Alternatively, Retired Baby Boomers will be seeking advice from a trusted financial advisor on their ever-changing financial needs. With both Boomers and millennials expecting a more consultative banking approach, now is the time to rethink how your customer experience fits them.
The Baby Boomers made branding a verb, with companies like Nike, BMW and Harley Davidson accelerating to glory on the fantasies of this generation. However, if you think millennials have not embraced branding and trends themselves, Snap then you have not heard of Facebook, Snapchat and Twitter. Even though these are not an actual widget, it is how this generation communicates and purchases good and services. Financial institutions need to embrace these opportunities to enhance their branding to attract a wide demographic.
The introduction of technology in your financial institution is important but it cannot be your only method of servicing customers. The technology needs to enhance the experience and not dictate it. The Baby Boomers appreciate the experience of the service but also enjoy the personal touch that can go along with the experience. The Millennials will embrace the technology and use it to its fullest potential, but also demand the face to face interaction.
The gap between the Baby Boomers and Millennials may seem unachievable, but if you take a second to think about it, they are not so different. The method of attracting maybe be different but the way you engage and connect with them is not so different.