Millenials Tapping Into Modern Bank Brands
So first we had the Baby Boomers (1946-1964), then it was all about Generation X (1965-1984), and now we’re dealing with the Millenials (1985-2004). Each of these generations is credited (charged?) with fostering certain attitudes, creating and perpetuating certain trends, and overall leaving their mark on society based on their likes and dislikes.
Millennials are the first generation to grow up with computers, and considering the profound social changes that the latter has wrought, it should come as no surprise that much of the social influence of Millennials relates to the Internet, IT, telecommunications, and the Information Age in general.
Even classic, venerable institutions like banks have been affected by changes in how people want to do business. It becomes a case of adapt or perish, and here’s how millennials and their love of all things online have wrought profound changes to banks.
Tellers? What’s That?
In the quest to have things faster, easier, and always within reach, financial institutions such as banks, loan companies, and credit cards have stepped up their game and offered customers instant access to their accounts online. Whether it’s a desktop, laptop, tablet, or heck, even a smart phone, people can pay bills, transfer balances, even deposit checks, completely online.
It’s getting to the point where human tellers are going the way of the phone booth, television antennae, and check books. All of the above are victims, incidentally, of advances in telecommunications and IT, the very things that millennials demand more of. Thanks, millennials!
Yes, as “The Technology of Modern Banking: Changing Times” tells us, technology has changed banking forever, leaving banks little choice but to jump on the bandwagon or perish.
But the increasing use of electronic banking goes even beyond things like “check balance”, “transfer funds”, and “find check number XXX”. Nowadays, a service that you would think absolutely definitely was safe from being supplanted is being, well, supplanted.
Getting A Loan Online
Who remembers going to a bank and meeting a customer service representative or loan officer for the purposes of securing a loan? It usually meant getting ready by doing things like bathing and picking out nice clothes to wear, then possibly grabbing a big stack of documentation to prove that you’re employed, a homeowner, not a convicted axe murderer, etc., and heading on over to the local branch, hoping that you came across as trustworthy and sincere.
But now, there are lending institutions out there that let people go through the entire loan application process online, at their leisure and in the comfort of their own homes. In fact, there’s a series of television commercials on these days for Lending Tree, calling out the value add of being able to apply for a loan while wearing nothing but your underwear. And as if that isn’t eye-twitching enough for you, that particular little factoid is delivered by what looks like an escapee from the Muppets.
Anyways, online loan processing happens fast enough to make millennials happy, and approval and disbursement of funds happen just as fast. It can take just a few days to go from filling out the application to having the funds electronically deposited into your account.
And here’s another advantage: getting rejected for a loan online is a lot less embarrassing than having it happen in person. In the privacy of your home, you can scream, swear, and toss your keyboard, activities which, as a rule, are discouraged in person.
But There’s More …
Even things like investments and retirement accounts can be handled online now, once again replacing the human agent at the bank. Investors can now avail themselves of automated investment platforms to help them manage their assets and make financial moves. It really gets to the point where you wonder whether there’s still a need for brick and mortar banks anymore.
Oh, wait. Change. You need someplace to cash in all of that change and turn it into paper money.
It’s The Future
Millennials are proving to be more demanding, more savvy consumers, people who have no qualms about taking their business elsewhere if they’re not happy. That’s why it’s in the best interest of banks to embrace the new tech, provide the latest desired services, and be ready for the future.
About Author: John Terra has been a freelance writer since 1985. He is a Baby Boomer who absolutely loves his online banking.