This document discusses how to win the loyalty of millennial bank customers. It notes that millennials have the highest spending power but are also less loyal to banks, with 18% switching banks in the last year compared to just 3% of older customers. To attract millennials, banks need to engage customers through digital services, be authentic, offer advice through preferred channels, validate financial decisions, and customize services. Banks can meet these needs by selecting the right engagement channels, offering excellent online and mobile banking, and providing fintech-style services integrated with core offerings to empower customers to save and plan. While millennials may be less likely to visit branches, they are still concerned with personal finances, so banks must adeptly use digital

1. Winning the
of
millennials
loyalty

2. It's no secret that
millennials are a
financial force to
be reckoned with

3. millennials
will have the highest
spending power
of any generation
By 2018

4. And they're not loyal.
have switched bank in the
last 12 months
18%
Source: https://www.accenture.com/us-en/insight-consumer-banking-survey

5. Compared to just
of customers aged 55+
3%
Source: https://www.accenture.com/us-en/insight-consumer-banking-survey

6. What do millennials
in a
look for
bank?

7. Engagement Authenticity
Advice, via the
right channels
Validation, on
financial
decisions
Response to
their feedback
Personalised
dialogue
Customisable
services
Good value

8. 92% would choose a bank for its digital
services
30% have at least one financial product that
isn't provided by their bank
68% use online banking
So what are their banking habits?
Source: http://www.americanbanker.com/news/bank-technology/what-do-millennials-want-from-banks-everything-nothing-whatever-1079945-1.html

9. How can banks
meet
needs?
these

10. Select the right channels
to engage with customers
1

11. Bank of Ireland mortgage
advisors conduct
interviews over FaceTime
or Skype
Online and mobile banking
delivering excellent UX is
critical, but banks can go
further

12. Offer a range of
fintech-style services
that connect to
your core offering
2

13. It's 'Fintegration':
small business
customers can apply
on the ScotiaBank
website for a loan
from Kabbage inc.

14. Empower customers
to save and plan
3

15. OnTrees offers a
self-service planning tool
which aggregates
balances from accounts
at multiple banks

16. Conclusions

17. Millennials aren't really so
different
consumers
to previous generations of bank

18. They may be
less likely to
visit their bank
manager
...but they're
certainly not
unconcerned
about their
finances

19. Reaching
them
requires
adept use
of carefully
selected
channels
...and
constantly
evolving
digital
functionality

20. This is what we help banks
achieve at
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