The norm of face-to-face interactions for banks and credit unions is beginning to shift with the introduction of millennial consumers. Because of this, banks and credit unions face a difficult issue; how do you attract and retain customers who want to minimize interaction, and crave an enhanced digital experience.
Over the next 10 years, 75% of customers seeking wealth management and personal financial services will be millennials. This is a concerning statistic for many finserv organizations since the millennial customer shows a number of differences in the way they prefer to interact with organizations compared to older generations. We will discuss the differences in how to communicate with a millennial customer and how an appointment management solution can help attract the up and coming generation and reduce churn.
How can Coconut Software upgrade your institution’s digital presence and capabilities? Download the Ultimate Guide to Digitally Transforming the Appointment Experience today.
The Challenges of Millennial Customers
1. They Have Higher Customer Service Expectations
Millennials have grown up in the midst of the digital transformation and are used to the benefits that come with it. The digital experience has enabled many industries to increase the quality of the services they provide in terms of customer experience, and millennials have become accustomed to premium treatment. Financial Services is one of the oldest industries in the world, and also one of the last to begin the digital transformation. This is causing the millennial customer to seek out businesses that provide them with convenient digital service that they desire.
2. They Prefer to Interact With Brands Digitally
Millennials are a digital-centric generation, meaning they rely strongly on technology in their daily life, specifically their smartphones. Millennials expect immediate, online access to their finserv provider, whereas older generations were very comfortable picking up the phone or waiting for their service provider to get back to them. Millennial customers, more than other generation, are asking themselves, “if I can schedule a massage, order groceries and buy flights online, why can’t I book an appointment with my bank?”
3. They Won’t Stay Loyal Just Because You Have a History
Millennials are 2 to 3 times more likely to change service providers than any other generation. They are used to a digital experience with enhanced customer service, and they are not worried about leaving a current provider for an organization that meets all of their needs. And soon, those customers will make up the majority of the workforce. In fact, 30% of millennials report they have left their current bank or credit union because they found another finserv organization that provided a better experience.
How Appointment Management Solutions Help
The increasing demands of the millennial customer are concerning to the legacy structure of the finserv industry, however, there are ways to keep the value of your business interactions while implementing solutions to attract the growing population of millennial customers and reduce churn. An appointment management tool offers multiple solutions to your millennial customer problem.
Improve Customer Experience With New Insight Into Customer Behavior
When your organization leverages an appointment management solution, you will gain additional insight into the customer’s behavior and history with your organization. When you have an integrated scheduling platform, your customer-facing staff can access all the information collected during the appointment-booking. This will allow them to prepare for their upcoming appointment with the customer, enabling them to provide the enhanced customer experience the millennial customer craves.
Give Your Customers What They Want With Real-Time Online Appointment Scheduling
With an integrated appointment management solution, you can offer real-time, 24/7 online appointment scheduling. This will allow your customers to schedule in-person interactions with your organization whenever and wherever they want, minimizing human interactions with your organization, which the millennial customer loves to avoid.
Additionally, when your customers book appointments online, they will also receive reminders on their smartphones, which the average millennial checks about 43 times a day, reducing the chances of no-show appointments.
Keep Customers Loyal With Direct Feedback
With an appointment management solution, your organization can send out automated follow-up emails to customers to gain feedback on the experience they had. People love to be asked their opinion, and asking your customers about their experience with your organization will make them feel valued and earn you major brownie points. We know millennials are less loyal than previous generations, but we also know customers who feel their financial services provider listens to their needs are more likely to remain loyal to that brand. Following-up with millennial customers and asking about the experience they had with your organization makes them feel like their opinion matters.
Streamlining the digital experience up to the in-person interaction, while leveraging technology to provide a premium experience, will set your organization apart. Millennials are a completely new type of customer for the FinServ industry, and by leveraging a digital experience, your organization will be able to provide the services the millennial customer desires in order to attract new business and reduce churn.
Ready to learn more about upgrading your institution’s digital presence and capabilities? Download our Ultimate Guide to Digitally Transforming the Appointment Experience today.
Looking to boost revenue and deliver a premium experience to your clients? Schedule a consultation with Coconut Software to learn more about how our appointment scheduling solutions can get you there.