How millennials select bank products & services, focus group results

How millennials select bank products & services, focus group results

Article from: CUInsight

One long-time Credit Union client in the Phoenix, Arizona (AERO Federal Credit Union) recently conducted a focus group with current millennial members.  According to Angie Avers, the VP of Marketing for AERO, the goal of the research was to better understand how the credit union can appeal to this target audience. Participants were between the ages of 25 to 31 and split 60/40 men to women. Most were new members, having joined in the last three years or less.

The session yielded some great insights about what factors young adults consider when making decisions about banking products and services… here’s our top 5 millennial marketing tips!

  

1. Millennials Want Branch Availability for Consultations When Needed

Believe it or not, even these tech crazy youngsters still like to know that there is a local branch they can visit, should the need arise. Now, do they go often?… absolutely not. And should you rely on local branches for cross-selling and up-selling to these millennials members… NO, NO , NO!

But these millennials recognize that in the case of an emergency or a complicated financial problem or application, they prefer to visit a branch IN PERSON for help. This focus group also mentioned wanting the ability to make cash deposits via ATM, which may or may not require a local branch, but this ability was a positive feature mentioned.

  

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