Justin Farr-Jones writes about the fintech industry, and how the changing landscape has forced institutions to change the way they operate. In this case, we're looking at how banks can improve to attract the millennial generation.

1. What Should Banks Do
to Attract
Millennials?

2. Millennials
Millennial Purchasing
Power
Millennials are currently the largest and
fastest-growing generation of consumers in
any industry, particularly in the banking
industry. Aged 19 to 35, this generation is
starting to make serious financial decisions,
such as getting married or buying a house.
However, they also show an aversion to
trusting in banks perhaps due to coming of
age during financial crises, high student
loan debt, and recent government bailouts.
Because of those damning reasons, banks
are less seen as an option to this
generation than ones before.
Millennial Purchasing Power in 2016

3. Banks
Building Trust
If banks want to attract millennials,
they will have to build trust which is
no small feat. Banks have to start
focusing on lowering student loan
interest rates, offering finance-
planning education, and exhibiting a
plan towards creating a global
difference – something very
important to Gen Y.
Growing up during a time of financial
volatility in the markets, millennials
need banks to go further then they
did with the Baby Boomers:

4. Banks Should
Lower student loan
interest rates
With the norm being huge
amounts of student debt,
banks have to start catering
to these large debts like
fintech startups SoFi and
CommonBond.
If banks offered debt
solutions, more millennials
may turn to them as their
financial institution of choice.

5. Banks Should
Offer finance
counseling
This generation wants to avoid
financial issues themselves. This is
why banks should give easily
accessible financial education to
Generation Y.
Banks have to improve their
customer’s understanding of
finances through innovative
education techniques that can be
accessed from any mobile device.

6. Banks Should
Be Authentic
Millennials want to be
engaged with someone they
can trust. This doesn’t
necessarily mean they want
to have a conversation, but
they want to be heard.
Banks should analyze data
and take innovative steps
toward millennial-friendly
goals.

7. Banks Should
Make Access Easy
and Mobile
Banks also have to make access to
everything easy. Transferring money
shouldn’t take four steps. It should
be able to happen on one mobile
screen in just a few seconds.
If banks want to attract millennials,
their mobile sites have to allow
transfers, bill pay and check
deposits, and those sites have to
respond quickly. The sites and apps
should look good, be responsive
and most and foremost: be simple to
navigate.

8. Banks Should