Your younger account holders don’t use their mobile as a phone.
Have your parents complained that you just don’t call? Do you give a heavy sigh and when a number, any number, pops up on your screen? Did you rejoice when Apple introduced their new feature that converts voicemails into text?
Millennials and Gen Z say “yes” to two or more of these things. Because, for younger generations, phone calls take too long. Small talk is anxiety inducing and border-line rude. That’s right, rude.
No one wants your “click-to-call button” except as a last resort.
How do they get their questions answered?
I have one word for you. YouTube. Okay, two words. TikTok. They might Google if things get desperate. Maybe ask Reddit, but that’s a dangerous rabbit hole. Nearly three-quarters of Gen Z prefer get the answers to their questions using self-service, like digital banking applications, ATMs, or ITMs (interactive teller machines). Nearly half of Millennials agree.
But most people, from all age groups, prefer to address financial questions directly to their financial institution. The problem is answers are usually buried in FAQ or clearly trigger a call. To, like, a human being. Bruh. And these generations have a LOT of financial questions and stress, especially in today’s economy.
What they want are financial institutions that make it easy for them to get the answers they need and the services they’re looking for. Just, without the phone call. Preferably on their phone in a quick, intuitive, interactive, and automated experience in an app or a mobile responsive website.
Becoming the “friend” they want and need.
The best way to win with younger account holders is to make finding answers as easy as possible. Ideally, the winning location is within the bank or credit union mobile app. Financial calculators, in-depth digital chat, up-to-date loan calculators, and searchable FAQs are all helpful.
But what if they need to make a deposit, withdraw cash, or speak to a financial advisor? Branch and ATM locators are an excellent solution for the “self-help” crowd.
And, of course, there are always YouTube and TikTok. A series of video facts, up-to-date financial advise, and tours of your financial institution’s cool digital and mobile features (like that locator function) might just gain some traction with the younger demographics.
How can you ATM locator really help?
The Wave2 locator is a flexible, interactive feature that can help keep account holders notified about changes to location hours as well as ATM and ITM availability. For Millennials and Gen Z, who value time and efficiency, the ability to quickly find, view, and get directions to the nearest surcharge-free access point is an essential part of the financial institution experience.
Jason Green, Co-Founder
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