A fashionista cannot resist but to follow and envy their uber-class designers. Similarly, the new generation of millennial customers fall under the same umbrella – their business with banks is completely driven by technologies.
Mitja Ucakar from Nova Ljubljanska Banka d.d. recently contributed his number 1 millennial banking recipe and this is his advice to other bankers.
Banking is an industry where the traditional style didn’t go out of fashion and hence it didn’t change much in its core purpose. We are still talking about value exchange, safekeeping, investing and borrowing. In spite of the great unflattering talks about customer centricity, it has probably always been the case, that the best results were achieved by making your clients satisfied. So what has changed? New technologies bring about the unprecedented possibility to remove any friction from the mundane banking transactions. There is no reason today for any banking client to take extensive efforts into making a payment, saving money, getting a quick loan or many other banking services that kept our parents waiting in queues.
Millennials are the generation that is growing up with new technologies and also intend on being devoted to them. For them it’s not new, it’s all they know and there is no older way. As every young person embarking on a new journey, they might still be a bit cautious in the beginning, but a multitude of options backed by instant peer reviews will instantly guide them towards most relevant, suitable, proven, user friendly and secure solutions for their banking needs.
The struggle for banks will be to position their brands on that route for personalized banking. It won’t happen just by introducing technology even if it is a prerequisite. Banks will have to get better on every aspect of their customer interactions. Hence, I am not only pushing towards a digital(ized) bank, as it will get even more important to simply be a better bank for their customers.
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