Why Banks Need to Cut the Stereotypes and Build Cross-Generational Financial Services
The Millennial is nothing short of an obsession in the world of retail banking, and indeed across all industries whose prosperity has some dependence on the ability to engage this generation of consumers. Countless hours and dollars have been plunged into creating financial products, services and experiences that appeal to the needs and values of Millennials, who in the U.S. alone number 75.4 million — surpassing baby boomers as the nation’s largest generation.
When you do the math, the investment makes sense but the stereotyping that comes with it must end. In order to build successful cross-generational financial services, banks need to stop marketing to Millennials and start focusing on the individual.
This fixation has reached fever pitch in the media, and from it has emerged a blanket persona that is applied to anyone in this age bracket: stylish, social media-obsessed city-dwellers with good jobs who are perhaps a little more self-involved than previous generations.