A gap exists between the demands and expectations of a new generation of clients, and the mindset of the advisors and investors looking to serve them. Millennials are increasingly demanding anytime-anywhere support. They’re also unwilling to put up with unnecessary pain points and inefficiencies, and expect a quick and seamless resolution to problems and queries.
Companies like Amazon already offer this radically customer-centric service, and with impressive consequences. 1 in 4 Millennials would bank with Amazon if it was an option. In fact, 43% put their greatest trust in organizations other than banks.
Slowly adopting new tools
We are witnessing a certain technological immobility within the financial service industry. An undeniable generational gap between advisors and clients is resulting in top-level and executive advisors who underestimate how different the demands and expectations of their younger clients are.
They are slow to adopt digital tools – including a notable reluctance to use mobile channels, for example. Instead these advisors favour more traditional forms of communication like face-to-face meetings, dismissing the preferences of their Millennials clients.
This inevitably has a negative impact on customer experience. Clients have become accustomed to flexible and remote help from other industries. They therefore become quickly frustrated by providers who fail to offer similar omnichannel support. While they still appreciate old-school channels like a phone call at times, they want the option to communicate via tools like live chat or video call when necessary. They want a hybrid journey: different channels and touchpoints combined in a single and seamless experience.
The digital shift is inevitable
By taking advantage of innovations in digital technology, financial providers can enact this shift away from their Boomer and Generation X-orientated mindset, towards one better equipped to meet the demands of the younger generation.
By building a digitally-enabled, customer-centric, and omnichannel service, they can better engage Millennials. Using diverse tools to increase the opportunities for meaningful interactions with customers, they can prove their commitment to both building trust with Millennial clients, and to helping ensure their ongoing financial health.
This applies to both private and retail banking. Both can profit from new technologies to enhance and compliment their human-centered services. In private banking, chatbots can provide a client with guided investment advice on trading opportunities based on their profile. An option to transfer to an advisor at any time ensures this process is risk-free.
In retail banking, digital tools allow the Millennial customer – accustomed to the “buy with one-click” solutions offered by companies like Amazon – to conduct banking transactions in a way that is 100% online, instantaneous, personalized, and transparent. For example, using a combination of live chat, co-browsing, and digital signature software to apply for a loan without ever having to come into branch.
A workforce that is out of touch with the demands and expectations of Millennials is holding financial services back from engaging this powerful segment of the population. This younger generation wants customer-centric, flexible, and seamless support. Those financial providers that use innovative digital tools to enhance their advisory services will be those best positioned to secure satisfaction and loyalty among this generation.
Financial advice & Unblu
Unblu’s range of conversational tools offers financial providers the chance to transform their service into one that meets the client on their own terms. Boost satisfaction, build loyalty, and reduce resolution time and costs with digital tools that prioritize personal human conversation. Learn more by booking a demo here. One of the Unblu team members will reach out to help.