It’s no longer just millennials
For a long time, digital-first customers were the “young” customers who were the future of the bank or credit union, but not today’s high value accounts. That has changed.
t’s no longer just millennials who want to use digital tools. A majority in every generation now sees digital as a primary channel for interacting with their financial institution. But more importantly, those young, digital-first customers are no longer the future of banking – they are the present. Millennials (25-39 years old) and adult Gen-Zers (18-24) represent over $3 trillion in spend⁹ and Millennials are more likely than other generations to have multiple products with their financial institution.
The Digital Generation Grows Up
It’s hard to believe that older millennials are approaching 40 years of age. But they are still digital-first, and particularly mobile-first. They have never known anything except a digital world and are comfortable embracing new technologies that make life easier or provide instant gratification. Younger consumers are driving demand for a new breed of digital banking with highly engaging, no-friction simplicity – every step of the way.
If the customer experience isn’t easy and appealing from the get-go, these digital-native audiences won’t stick around. Millennials and Gen Zers will be dominant segments in banking for years to come, making it essential for financial institutions to get the digital experience right to compete and win.
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