Our friend, David Kerstein of Peak Performance Consulting Group wrote an interesting piece on the need for banks to attract millennials that appeared last month on BAI’s Banking Strategies blog. Dave’s premise isn’t anything new, but the fervor in which he makes his point is particularly apropos–other competitors will step in to serve this important segment in banks don’t. In fact, it’s already happening.
Banks need to take action or risk losing this segment to new entrants in the payment, consumer banking and business banking space. And there is cause for concern: we counted 38 different non-traditional competitors in the payments space alone, of which 10 were new in the last year.
As we’ve stated before, StratAgree’s assessments is that banks’ must focus on experience and that means digital. Serendipitously, consumers in the Millennial segment are up to ten times more likely to switch than more mature (older) counterparts. The point is: the time is now to make sure your customer experience is up to date so you can protect the customers you have and attract new customers from laggard institutions.
To see Dave’s article in its entirety, click here.