Capturing millennial banking business requires carefully crafted strategies to meet the unique needs these audience has and pressures they face.
If current research does not go deep enough to gauge how well your financial institution delivers on meeting millennial banking needs, a mystery shop will help pinpoint critical gaps to address and opportunities to capitalize on.
Come up with 5 to 10 assumptions about millennial banking customers to form a base point for your survey.
For example, millennials:
- Rely on technology (e.g., their bank’s mobile app) to help them carry out their banking activities with minimal fuss.
- Pursue app-based payments (e.g., PayPal, Venmo, Apple Pay, etc.) as alternatives to paying with cash.
- Seek out webinars, workshops, and financial planning programs to gain knowledge and strategies to invest.
- Demand transparency.
- Often reach out to their financial institutions through social media rather than calling the contact centre.
- Want banking products and services that offer extra bang for their buck, so incentives are key.
- Demand that their financial institution act as a corporate benefactor, whether it be matching donations for victims of floods, donating to programs creating inclusion, or helping women entrepreneurs impacted by the pandemic.
Whatever your financial institution (FI) is doing to attract millennials is likely not enough. Not only is this target audience very demanding and complicated, your FI is also contending with the Fintech companies (over 50 in Canada)m, as well as other non-traditional competitors for their business.
Mystery shopping a sample of your branch and contact centre staff will quickly uncover critical gaps to address and with suggestions from shoppers, opportunities to capitalize on.
Ensuring your shop yields actionable findings starts with a well-developed survey.