To attract and retain Millennials, focus on digital channels

Description

Abstract: To build lasting relationships with its Millennial customers, banks must understand this generation’s distinctive characteristics and needs. In particular, Millennials, now the nation’s largest population segment, tend to use a wide range of devices and channels to interact with their banks — for banking transactions as well as customer service — including mobile apps, bank websites, texting and social media. This article discusses how investing resources in developing and marketing these digital channels is critical to attracting and retaining this important demographic group.