Millennials are an increasingly sought-after group when it comes to financial services. According to a report by the American Bankers Association, the Millennial generation, or Generation Y as they’re also known, consists of 77 million individuals born between 1980 and 2000. Compared to the affluent Boomers, Millennials face critical financial challenges. Seventy-five percent of college grads have student loan debt and are earning less money.
This presents a good news/bad news scenario for financial services organizations. The good news is that Millennials are looking to build their finances by saving and paying down debt. The bad news is that they don’t think banks offer what they need. Almost three-fourths of those polled (71%) said they would rather go to the dentist than listen to what banks are saying – OUCH. Banks who offer digital services Millennials are looking for to manage their finances have a better shot at gaining – and keeping – them as loyal customers. Download the “Millennials and Banking,” infographic to learn more about Millennials and solutions on how your bank can reach them.