Millennials: Worth More than Expected?

One misunderstanding about millennials is the belief by some bankers that millennials don’t have many financial assets.

Recent Gallup research throws doubt on this point of view. In a survey conducted among more than 20,000 adults, the company learned that 14 percent of millennials have more than $100,000 in investable assets. Another 10 percent have $50,000 to $100,000, and 27 percent have $10,000 to $50,000 in bank deposits.

“Financial leaders who believe that millennials’ assets are too low to invest in their engagement are relying on a faulty assertion,” writes Sean Williams and Bailey Nelson in an article about the survey results in Gallup’s Business Journal. “The truth is that millennials have a lot to offer.”

Unfortunately, Gallup points out, bank have been doing a poor job of engaging millennials. The article offers three research-validated tips to engage and serve millennial customers better:

  1. Make customers’ financial well-being a high priority. Millennials are more engaged with their financial institution when they believe that the bank is acting in their best financial interests.
  2. Manage customer problems and resolve them quickly. Millennials seem to have more problems with their banks than previous generations—maybe because they use more banking channels than any other generations, and expect flawless service on each channel.
  3. Deliver the convenience of multiple channels while maintaining consistently positive experiences across every channel. Customer engagement level drops significantly every time a customer experiences a problem—even if the problem exists only on a single channel.

Read the article and full survey results.