If your bank is going after millennials, there is a better way. Targeting millennials has almost turned into a full-fledged past time for bankers. There are sessions on it at almost every banking conference, and it is the talk of many boardrooms. Banks often treat the demographic cohort as if it is some magical secret to unlocking the future of banking. We think going after millennials is a little like playing dead for a vulture – it is counterproductive.
Baby Boomer Bank Executive: “It’s hard to understand the Millennial mind. Like, why don’t you want to buy a house?” CenterState Millennial AVP: “If I had a dollar for every time someone over 40 complained about the Millennial mind I would have enough money to buy a house in a market that you overinflated.” Point Millennial. At CenterState, like most banks, we struggle to understand the Millennial mind as there are some tangible differences in motivation. Consider some examples below.
Chances are your bank is not producing the most valuable pieces of marketing needed to win your future customer. To prove our point, how much is your 2016 budget for content? If you are like an estimated 87% of banks, you don’t even have a budget line item for “content.” This is a critical mistake because banks sit at the crossroads of having deep content available to them, are in a trusted advisory role with their customers and have competitors that are not using content.
About 70% of all men have worried about genetically programmed hair loss since the days of Julius Caesar (who incidentally had a serious comb over). As a man ages, somewhere around his early twenties, hair loss takes place and no amount of Rogain, head massages, Cayenne pepper rub or goose dropping treatment can replace it. Similar to Male Pattern Baldness, some banks are genetically programmed to lose younger customers. They start to lose them around the edges, in the middle and then the most profitable on top.