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How to target, attract and retain Millennials Part 1
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@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
1. What do you think
are the key factors
necessary to attract
Millennials as loyal
customers ?
Allison Paine Landers,
Vice President Customer Experience and Digital,
PRUDENTIAL FINANCIAL
Although 80% of Millennials belong to at least one Loyalty program, they’re
less brand loyal than previous generations. Millennials pick brands based on
recommendations from friends, family or even strangers Online! They stick
w/ a brand b/c it’s fairly priced, socially responsible and, most importantly offers a good Customer Experience (CX). A good CX to Millennials leverages
technology to allow customers to self-serve from anywhere at anytime.
Millennials want to interact w/ a brand on Social Media. They’re strongly
influenced by content, responding only to what’s targeted and useful.
Millennials tune out long, boring or salesy content.
Ben Katz,
CEO,
CARD.COM
A mobile-first product strategy coupled with low fees.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
1. What do you think
are the key factors
necessary to attract
Millennials as loyal
customers ?
Brad Sherman,
President,
SHERMAN WEALTH MANAGEMENT
Millennials want to work with someone who sees them as individuals, with
unique paths and life goals, who customizes financial advice to work with
their life choices and timeline, and who understand their challenges, their
fears, and their hopes. They don’t need giant companies with fancy offices:
what’s important to Millennials is an advisor who “gets them,” and can take the
wealth of information available online and drill down to what is relevant and
strategic for them on an ongoing basis.
Jeff Fromm,
President,
FUTURE CAST
There isn’t one thing that will be a panacea. Several things are important and
I’d consider some “price of admission” and others “meaningful differentiation”
in terms of needs:
• Mobile first on tech
• Removing friction in a digital/physical world Journey that has a lot of friction
– Frictionless Journey™ is the way we view this
• Content that informs, engages and inspires “me” at the moment in time I
need the content. Consider this just-in-time content delivery.
• Actually “know me” which means moving beyond personalization and
customization which most financial services companies fail at and moving to
Individualization!
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
1. What do you think
are the key factors
necessary to attract
Millennials as loyal
customers ?
Kevin Tynan,
Senior Vice President Marketing,
LIBERTY SAVINGS BANK
First, we need to recognize that all Millennials are not good prospects.
Almost a quarter (23%) say they carry less than $5 in cash seven days a week,
according to a survey conducted by the Independent Community Bankers of
America. About 40% report that they are overwhelmed by debt obligations,
primarily from credit cards and student loans. A majority report they are
living paycheck to paycheck, according to the Wells Fargo Millennial Survey.
Millennials have a higher delinquency rate on their bills than any generation.
More than a quarter of millennials surveyed had missed a bill or been
contacted by a creditor due to late payments, according to a recent study by
the American Institute of CPAs.
Before cranking up a millennial effort, CEOs and marketers must carefully
consider whether a Millennial acquisition program is worthwhile. And if so,
which market segments should be targeted.
Kristen Mashburn,
Vice President Marketing,
LISTERHILL CREDIT UNION
Attracting Millennials begins with attractive products and services. Without
this, the best advertising can be a futile effort. Millennials favor convenience,
so products should be easy to understand and easy to access. They’ve seen
their parents visit their local financial institution for years, so they may have
the impression that they need a nearby location to even consider beginning
a relationship, even though they’ll likely will choose not to visit. Once the
relationship has been established, Millennials tend to be fairly loyal as long as
they experience authentic and quality interactions with your brand.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
1. What do you think
are the key factors
necessary to attract
Millennials as loyal
customers ?
Shannah Compton Game,
Chief Financial Strategist,
YOUR MILLENNIAL MONEY
Millennials want two things – 1) ease of use, and 2) information, and they want
it delivered in an easy to understand and entertaining manner. Millennials want
“millennial-friendly” solutions to their financial needs which means it’s got to
have an online option, or an app, to gain millennial attention. Creating a sense
of community and belonging will keep millennials engaged and loyal.
Valerie Raford,
Senior Managing Director, Individual Business,
TIAA-CREF
I think you need to keep it real and simple. To attract millennials as loyal
customers it is critical that we understand their financial needs and what they
think is important not what we think should be important. We must meet
them where they are not where we have been. These folks have grown up in a
very different environment. We must earn their trust and help them navigate
through the structural trends they face (e.g., high debt levels, moderated
incomes, turbulent markets). We must offer products and solutions that are
relevant to the issues and challenges that they are facing today. We must be
transparent and easy to work with. We must surprise and delight with our
tools and servicing.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
1. What do you think
are the key factors
necessary to attract
Millennials as loyal
customers ?
Rohan Deshpande,
Co-Founder & CTO,
Fundera
Value, efficiency, and a truly stellar customer experience.
First, in terms of value, millennials are price-shoppers. They want the best deal
and they know how to find it. Offer them competitive pricing (or a service that
allows them to compare prices), and you’re headed in the right direction.
Second, there is nothing a millennial values more than their time. It’s probably
what they’d pay the most to have more of. They are the on-demand generation
-- they are looking for products that will enhance their time.
Lastly, they’re the internet generation. They’re accustomed to stellar customer
experiences, and won’t settle for companies that offer bad customer
experiences unless it is their only option. Fintech is a great example here, and
how many millennials have such a distaste for big banks. It’s why so many tech
companies have been able to grow so quickly in that space, because they’re
offering a customer experience unheard of for the industry.
Chris Anderson
Marketing Director
Listerhill Credit Union
It’s easy to attract Millennials with good design, copy, technology, or even
an incentive. But to earn their loyalty takes a commitment to honesty and
authenticity. They must never feels betrayed and need to feel that your only
goal is to make their life more efficient.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
2. What do you believe
are the next big
disruptive technologies
for financial services
to ensure a steady
Millennial customer
base?
Allison Paine Landers,
Vice President Customer Experience and Digital,
PRUDENTIAL FINANCIAL
Millennials are not looking for financial services to do anything crazy--just
catch up! They expect financial services to offer the same capabilities they
get in other industries. For example, Millennials expect to be communicated
w/ in their channels of choice. They don’t want to visit a branch or call a call
center unless they’re dealing w/ something complex. They want to email, chat
or Tweet w/ Customer Service. And, they expect an answer real-time, whether
it’s late at night or the weekend. Financial Services companies should be
actively collecting and using Millennials’ email addresses, cell phone numbers
(primarily for texting) and social media handles for servicing and marketing.
They expect to be able to do as much from their phones or tablets that they can
in traditional/physical channels -- plus more b/c their devices have additional
capabilities like built in cameras and GPS. Millennials also expect an omnichannel experience w/ channels that communicate and connect w/ each other.
Ben Katz,
CEO,
CARD.COM
The mobile phone is the only technology needed. it is a branch in your
pocket/hand.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
2. What do you believe
are the next big
disruptive technologies
for financial services
to ensure a steady
Millennial customer
base?
Brad Sherman,
President,
SHERMAN WEALTH MANAGEMENT
Millennials want - and expect - instant access to clear and user-friendly
information. Financial services are already in the forefront of giving clients
the ability to check their accounts and make withdrawals and trades on their
mobile devices. What we are working on are ways to facilitate client services
in a seamless way - advisor and client collaborating on financial plans and
strategies in real time
Jeff Fromm,
President,
FUTURE CAST
Automation.
APIs which will support multiple innovative platforms to increase flexibility and
integrate new services/platforms to existing products/services.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
2. What do you believe
are the next big
disruptive technologies
for financial services
to ensure a steady
Millennial customer
base?
Kevin Tynan,
Senior Vice President Marketing,
LIBERTY SAVINGS BANK
Disruptive technologies may attract Millennials but they are not sufficient to
keep them. Bank services and problem resolution will continue to be key
elements for retention. Millennials want professional money management
advice and banks have an opportunity to provide that service
Kristen Mashburn,
Vice President Marketing,
LISTERHILL CREDIT UNION
It sounds like old news, but I have to say digital wallets. It seems that within
the industry these have been discussed so much and for so long that we’re
all disinterested, but adoption rates have really just started climbing for these
products. With mobile online shopping steadily increasing, it’s likely that
vendors will see the value in offering this option. In turn, we should see an
increase interest.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
2. What do you believe
are the next big
disruptive technologies
for financial services
to ensure a steady
Millennial customer
base?
Shannah Compton Game,
Chief Financial Strategist,
YOUR MILLENNIAL MONEY
Financial services companies have to learn that you can’t modify your
traditional marketing to millennials. Rather, you’ve got to create a whole
different messaging system because this generation thinks, breathes, sleeps
and eats in sound bites. The mobile device will continue to be the go to device
for millennials, and if financial services companies can figure out ways to tie
together product solutions, an educational piece with action plans into a onestop shop program or app for millennials, it would be a no brainer. Podcasts
are also super important to busy millennials and a great way to deliver
information in audio and video formats.
Valerie Raford,
Senior Managing Director, Individual Business,
TIAA-CREF
At a time where technology is advancing as rapidly as it is today, it’s
impossible to say. Three years ago, I would have said a seamless mobile
experience, but today that is table stakes. We must keep an eye on the
marketplace, and the disruptive technologies that are having traction outside
of financial services. We must be nimble in our approach to bringing new
technologies to market and not afraid to fail. But we also must make sure
that we are finding relevant and practical applications for new technologies.
There’s no use in integrating the “next big disruptive technology” into our
offering if it doesn’t provide real customer value.
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 1
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
2. What do you believe
are the next big
disruptive technologies
for financial services
to ensure a steady
Millennial customer
base?
Rohan Deshpande,
Co-Founder & CTO,
Fundera
Automation. Automation. Automation. The more that these financial service
brands can utilize automation to simplify what is a notoriously more complex
process (everything in finance is right?), the better chance they’ll have of
building and maintaining their millennial customer base.
Software that educates is another key necessity. Millennials are not the first
to reach for a financial advisor, an accountant, or a broker -- instead, build
software that will help millennials make the right decisions and steer them
along the right course.
Chris Anderson
Marketing Director
Listerhill Credit Union
Bro, do you even UX?
@MillenFinServ, #MFS16
Marketing to Millennials for Financial Services e-Book Part 2
April 20 - 21, 2016 // New York Hilton Midtown Hotel // www.millennialfinancialsummit.com
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Strategy Institute presents
LEARN MORE
You can learn more exclusive insights from the leaders in
Financial Digital Marketing by attending our:
Winning the Next Generation of Financial Consumers
Wednesday April 20th - Thursday April 21st, 2016 // The New York Hilton Midtown
unlock new buSIneSS, IdentIFy pRoFIt
oppoRtunItIeS and captuRe maRket ShaRe
Featured speakers
Take away actionable
strategies on:
Jeff Fromm,
President, FutureCast
Author, “Marketing to
Millennials”
Susan Avarde,
Former Head of
Global Brand,
Citibank
Millennial Market
Opportunities & Profitability
New Segments & Branding
for 80 Million
Profitable Product Offerings
Neff Hudson,
Vice President
Emerging Channels,
USAA
Guillermo Morrone,
Vice President
Global Content
Strategy, MasterCard
Customer Experience for
Digital Natives
Content to Educate and
Engage
Branding to Build Loyalty
for Life
BRAND
Alec Hughes,
Senior Vice President
Millennial Segment
Leader,
Wells Fargo
WORK
VISUAL IDENTITY
Allison Paine Landers,
Vice President
Customer Experience
and Digital,
Prudential Financial
Technologies & Disruptors
to Embrace
Targeted Reach and
Acquisition
www.millennialfinancialsummit.com
Gold Sponsor
Marketing to Millennials for Financial Services
April 20 - 21, 2016 // New York Hilton Midtown Hotel
Take away actionable strategies on:
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✔
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Millennial Market Opportunities & Profitability
Profitable Product Offerings
Customer Experience for Digital Natives
Content to Educate and Engage
Branding to Build Loyalty for Life
Technologies & Disruptors to Embrace
Targeted Reach and Acquisition
Partner
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@MillenFinServ, #MFS16
Thank you for reading!
See you at the summit.
www.millennialfinancialsummit.com