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In today’s digital economy, many financial institutions are losing opportunities to engage potential and existing customers. Nearly eighty percent of consumers consider their relationship with their bank to be impersonal and transactional vs. personal and relationship-based. As an example, let’s look at the largest and fastest growing banking segment – Millennials.
Millennials are rapidly gaining economic strength, social influence and political power. And while Millennials can be challenging to retain and satisfy as customers, financial institutions cannot afford to neglect them. Millennials, the generation born between 1980 and 1994, outnumber Baby Boomers and make up a large percentage of today’s digital audience. Today, they represent the greatest challenge — and growth potential — for banks.
Millennials are two-to-three times more likely to close all accounts with their primary financial institutions than people in other age groups. To keep them as customers, financial institutions such as banks need to understand and cater to their unique needs and preferred communication channels.