Some call them Echo Boomers. Others call them Trophy Kids. There are several labels to choose from: The New Boomers. Generation Me. The Boomerang Generation. Generation Flux. The Peter Pan Generation. Generation Sell. Generation Why. Generation Y.
Or you can call them by their preferred name, a name that is their own, not a pop variation of the names of their cohorts or an ill-tempered jab at their alleged sense of entitlement: Millennials.
Born between 1981 and 2000 and numbering over 80 million, the largest generation in American history has been a major influence on the branch transformation efforts of financial institutions (FI). With more open space, fresh interior designs, and cutting-edge technology, FIs are trying to give Millennials a consumer-centric branch banking experience, acknowledging and respecting their perceived desire to be the center of their self-created digital networks.
Improving the branch experience is only a partial solution, however. Scratch recently published a Millennial Disruption Index that indicates a whopping 73% of Gen Yers would be more excited about a new offering in financial services from Google, Amazon, Apple, Paypal or Square than from their own FIs. To remain competitive, traditional banks and credit unions need to rethink how they can serve their customers in the same medium as their anticipated rivals. This means more than offering innovative financial products and services; FIs need to deliver a superior customer experience in their online and mobile channels.
As a generation of digital natives, Millennials have taken the lead in seizing on the new platforms of the digital era to construct personalized networks of friends, colleagues, and affinity groups. Smart FIs will also take note of Generation Y’s desire for human contact – for instance, they frequently keep in touch with their parents, contacting them an average of 1.5 times a day to discuss a wide range of topics, and 61% of Millennials actually enjoy speaking with financial advisors through the web.
Banks and credit unions can easily offer consumers of all generations browser-based video meetings with financial experts through their websites and/or Internet banking portals. But to give their consumers real value in this context, value that always-connected Millennials in particular will appreciate, FIs must deliver an even greater customer-centric experience. They can do so by integrating a complete video communication, collaboration, and closing solution into their online infrastructure. eFace2Face is currently the only platform that can deliver all this in one package:
Reliable HD video calling and conferencing.
Location-based call routing.
Real-time document sharing and collaboration.
A unique highly secure sequential electronic signature process, allowing multiple parties to sign documents during one video session when required.
Whatever name they go by, and however they’re perceived, Millennials make up a market of consumers that has (or should have) the attention of all businesses, banks and credit unions in particular. Although they are struggling with higher levels of student loan debt and unemployment than previous generations, nearly half of America’s Millennials are optimistic about the future. As a matter of fact, this highly tech-savvy group has a purchasing power that’s quickly growing to over $1.3 trillion dollars a year.
Traditional FIs that fail to satisfy Millennials’ demands for convenient, personalized service in all channels, especially online, will lose members of this increasingly affluent generation to disrupters within, and outside of, the financial services industry.
Meet eFace2Face CEO Dave Patten online to learn how eFace2Face can help you better serve consumers of all generations quickly, simply, and cost-effectively.