Millennials, countless surveys will tell you, are not fans of big banks. They are smart, price-sensitive consumers who are far more likely than older customers to switch lenders if they find a better deal.
They are also a huge, irresistible demographic for the financial industry, which is why banks do everything possible to ensure that these digitally native customers stay loyal once they’ve pinched their noses and opened accounts. That means sophisticated social media, nimble mobile-banking platforms, and—in a bid to gain some fintech street cred—a new end-to-end car-buying service by Chase that can be accessed via smartphone. (Or, if you’re old-school, by computer.)
“Many banks are not terribly well-prepared for the mobile, on-the-go, millennial consumer,” said Jeff Fromm, president of marketing consultancy FutureCast and a partner at branding firm Barkley. The vast majority of senior people running banks are over the age of 50 and probably not very representative of the population at large, he said.