Millennials want businesses to meet them where they are, and that includes their financial institutions. So how does a bank go about satisfying this demanding demographic?
In Part One of this series, we got into Millennials’ heads to see the world through their own lenses. Knowing what they value and prioritize can help you shape the customer experience to meet their ever-evolving expectations.
Appeal to their impatience.
Speed of service, whether online or human-to-human, is a must.
If a customer needs to get in touch with you to ask a question or resolve a problem, he’d rather open up a web chat or send a Tweet than be put on hold with a call center or wait for a response from the Contact Us form on your website. And if he does Tweet you a question, he expects you to answer it as promptly as he expects a friend to reply to his text.
He doesn’t want to be beholden to “business hours,” either – in his world, answers are always a click away, day or night. If 24/7 customer service is not something you can promise, at the very least, he should have the option to find his own answers through the resources you make available to him online, like FAQ pages, blogs and articles, or forums.
He’ll also appreciate a degree of automation to processes that would otherwise be tedious or require multiple steps and the intervention of a human employee. Take, for instance, mobile check deposit, or peer-to-peer payment, two innovations that streamline simple financial interactions into a matter of clicks, no middleman required.
Give them control.
Automation and self-service aren’t just about getting from Point A to Point B as quickly as possible; they allow customers to self-determine their customer journey and customize it to meet their own unique needs, rather than be lumped in with the generalized population of your customer base.
Personalization is important to this highly individualistic customer. Jane Q. Millennial doesn’t just want the Fifth Third experience, she wants Jane’s Fifth Third experience. Each channel she uses, digital or human, should greet her by name and anticipate her needs before she even has to state them.
Millennials personify the omnichannel customer experience. Take advantage of the Voice of the Customer insights and transactional data you’ve collected on them to craft personalized and intuitive experiences.
Participate, and invite participation.
Tap into the Millennial customer’s social side by engaging with him, not just broadcasting to him. We won’t claim that it’s easy, but you’ll have to reconcile traditional customer service language and behavior with his native tongue. Show personality in your communications, demonstrate social values that align with his own, and he’ll find you more approachable than the out-of-the box Customer Service Rep™.
Give him opportunities to engage with you beyond the standard problem/solution model of service. Social media is an excellent platform for conducting (completely non-scientific) surveys or hosting contests. You can blend information and entertainment with things like “Did You Know?” trivia or “Caption This” contests for funny images. The prize might be as simple as public recognition of the winner’s cleverness, but that’s still more than he was likely expecting to get when he logged on today.
Be their entrepreneurial ally.
In the past, banks might have targeted the 18 to 35 demographic with messaging around financing their homes, cars, and children’s college educations. But Millennials are famously delaying typical young-adult milestones like marriage and home ownership in favor of pursuing their dreams, creating the perfect opportunity for financial institutions to step in as allies, coaches, and incubators. Make them aware of both consumer and business products.
Consider hosting workshops for start-ups or the self-employed; offering sponsorships, grant opportunities, or other competitive rewards; or coaching them on career advancement or salary negotiation via your blog (you are blogging, right?). Seek out the places in your community where these young entrepreneurs are gathering, like TED Talks, networking groups, and even street fairs, and make sure you have a visible presence there. Think about it: how cool could it be to have a reputation as THE bank that young self-starters turn to?
While we’re on the topic of business products, consider this: Even if your business customers aren’t run by Millennials, they’re certainly employing them. The person responsible for managing banking interactions at any given business, start-up or established, might be a 28-year-old man or woman, who expects your B2B experience to be as modern, flexible, and streamlined as your consumer-facing experience.
So, how does your customer experience measure up against the Millennial mindset? By this point of reading, you’re either patting yourself on the back for a job well done, or you have new insights into potential areas of improvement and innovation.