attracting millennials to community banks
DESCRIPTION
Recruiting and Retaining Millennial Customers at Community BanksTRANSCRIPT
Attracting Millennials to
Community Banks
Digital Strategy for Attracting, Engaging
and Delighting Millennials
OUTLINE
• Executive Summary
• Consumer Highlights
• Millennial Recruiting
• Spendology Apps
• Instant Budget Stats
EXECUTIVE SUMMARY
• Millennials and other consumers are ready to leave big
banks but they still want ATM access, low fees and
mobile banking
• Leveraging mobile apps, social media, and smart
analytics will attract Millennials
• Community banks will be able to leverage technology,
smart data, and operational excellence to anticipate
customer needs, maximize cross-selling
opportunities, and optimize value life-time revenue
per customer
Source: FICO, Kasasa, Viacom Media Networks
CONSUMER HIGHLIGHTS
• Banking locally is important to most Americans (78%)
• A majority of Americans are still angry at big banks for
the financial crisis (66%)
• Most Millennials would rather go to the dentist than listen
to what banks are saying (71%)
• Millennial consumers don’t believe their bank offers
anything different from other banks (53%)
• 1 in 3 Milennials are ready to switch banks in the
next 90 days
How can you convince Millennials to switch to your Bank?
Source: Kasasa, Viacom Media Networks
CONSUMER HIGHLIGHTS (cont.)
• Itching to Switch - Five times more likely to leave primary bank
• The number one reason Millennials leave their bank is high fees (33%) followed by inaccessible ATMs (25%)
• New Customer Acquisition: Millennials prefer to get marketing information via social media, television ads or word of mouth
• Millennial customers that frequently use mobile banking and apps are more satisfied and more likely to recommend their bank to othersSource: FICO
MILLENNIAL RECRUITMENT &
RETENTION
Attract Start Young: College
Develop branded service
w/ attractive features
Develop a digital presence
EngageUse smart tech
with new customers
Engage with customers via social media
Plan financial literacy events
DelightLeverage
relationship banking
capabilities
Invest in Operational Excellence
Use smart datato anticipate
customer needs
COMPANY
Spendology Purpose
Use behavioral economics and advance
analytics to activate financial intelligence
Activating Financial Intelligence
Finio Business
• Finio Business is a division of Spendology that
provides resources, consulting and custom
software for financial services companies
• Finio Business can be found on Ariba Discovery
(an SAP company)
• Bank of America is a Finio Business customer
Finio Business on Ariba Discovery
SPENDOLOGY MOBILE APPSRent vs. Own Calculator Gas vs. Electric Calculator Instant Budget Calculator
Creates a smart, visual, and personal
budget in minutes.
INSTANT BUDGET STATS
• 88% of customers say it’s easy or very
easy to use
• 70% state that the budgets created are
accurate
• 61% would recommend the Instant Budget
Calculator to a friend
