SoHow Millennials are Altering the Financial Serviced Industry

As Baby Boomers start getting older and older, various corporations are beginning to target younger audiences. One of the fields that is beginning to target younger customers is Financial Services.

The Importance of Recruiting Future Customers

As the years go by, demographics and trends start to change which leads to many effects in business. Financial Service companies are putting a huge emphasis on recruiting the latest generation because in this line of work, it is essential to get customers early and hold onto them. When you get them early, you will have them in their prime years of earning, buying, and saving.

Finding What Millennials Want

CEOs of Financial Service companies are sending their marketers out to attend seminars, look up the latest trends, and to read up on what the younger generations want. One major condition marketers have found is if your company makes it difficult to easily access their information on the go, Millennials will look right over you. Convenience is key, and financial institutions are putting a huge emphasis on convenience to appeal to the younger clientele.

Relating to the Younger Generation

On top of recruiting future clients, financial companies will need to figure out ways to relate to the younger generation. According to Gallup, only 23 percent of Millennials are customers to a financial institution. This means that roughly three out of every four Millennials can be recruited. One of the most effective ways to relate to Millennials is through social media. Popular brands such as McDonald’s and Coca-Cola easily relate to Millennials because of the goods and services they provide. In order for financial institutions to relate to the younger generation through social media, they are going to have to be creative. It will be very interesting to see what methods of marketing they will use in the future to gain customers.