What millennials really want from a bank
Millennials, your time has come. No longer sitting it out on the side-lines, you are up, engaged and earning. You’re curious, connected and open. You pick experiences over objects (although objects are also nice). You’re rewriting and reframing life’s milestones. And you have clout. What you want influences how organisations think, work and act. It’s no surprise that the generation choosing to live differently also chooses to bank differently. Question is, what do you want from a bank? These five top the list.
Speed it up
In our hyper-connected, hyper-quick world, it’s easy to long for the pace of yesteryear. That is, until you learn cheques took 3 business days to clear. Or that people had to queue, in a branch, in limited hours, to withdraw cash. Which explains why today’s technology, so heavily pushed for by millennials and so widely embraced by everyone else, has had such a profound impact on how we bank. Instant payments. Instant transfers. Instant applications. Instant approvals. Instant monitoring. Instant everything. Yippee for speed.
Millennials and smartphones go together like oxygen and breathing. Which is why a stellar mobile experience is no mere luxury. It’s a baseline expectation. Banking. Budgeting. Real-time payments. Cardless cash. Personalisation. You want it all, and for it all to work as well in downtown Singapore as it does in suburban Sydney. As your expectations change, expect the apps to follow suit.
A trust in trust
Of course, some things remain timeless. Regardless of age, we all want to know that when we hand over our hard-earned, the bank we pick won’t go bust. But for millennials, trust is also more complex. You’re comfortable sharing more about yourself. As long as what you share is handled wisely, stored safely and used to create experiences that are infinitely more helpful, useful and personal. Because trust is a two-way street.
Allergic to sticky spending? You’re not alone. Whether it’s wearables, contactless or smartphone payments (Apple Pay and Android Pay), Australians have embraced tech to speed up and simplify transactions in ways few nations have. Split bills. Micro payments. Shared accounts. They’ve all stepped up as cash has stepped back. Of course, there will always be a place for folding money. But the burden of withdrawing it, carrying it and using it seems, well, a little quaint these days.
Better rates. Lower fees. Zero charges. Some things never change. But how we live has. Although you have time on your side and the world at your feet, the world you occupy is infinitely more expensive than it used to be. Which is why millennials expect banks to step up to make every interaction and experience more rewarding. Because if a bank can genuinely help you get ahead, then that’s a relationship millennials will seek out. It’s also happens to be one you deserve.