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RAB Research Archive

‘I just want to be able to pay with my wrist’



My son, Carver, is the last of the Millennials -- born in 2000. At 15, he has quite the personality and he exhibits many of the traits of the typical Millennial.

Last week, he announced that he wanted to start banking where I bank. After 7 years at the local credit union, he wanted to move. I asked him what prompted this decision. His reply: “I just want to be able to pay with my wrist; I can’t wait to do that. Also, being able to deposit checks by taking a picture.”

In a word: Technology. If you own a business and you’re hoping to attract Millennials and others even younger, you must maintain your technological edge. It’s no longer a “wish list” item; it’s a “must have.” Carver was disappointed in the local credit union’s mobile app and online banking experience. At the same time, he also wanted a physical location which he could walk into and talk to real people.

It’s an interesting dichotomy with Millennials. They must have the latest high tech, but they are also “high touch.” They like the relationship-building aspect of doing business.

Running a business is becoming increasingly more difficult. As a trusted resource to your clients, when was the last time you gave them a technology audit? Have a Millennial look at your client’s website, mobile app, and physical store. You might be surprised at what you learn. The advice you give could really help your client maintain their competitive advantage.

Brandeis C. Hall of the RAB just conducted our first Management Series webinar: Recruiting, Motivating, & Keeping Millennials, with special guest Kelly Orchard. You can watch the webinar on-demand HERE. Research is featured from Forbes.com which shows what the majority of Millennials say they want:

1. Work/Life Balance tops the list for most Millennials -- PLAY (89%)
2. Constant feedback & recognition -- PRAISE (80%)
3. Meaning & connection at work -- PURPOSE (50%)
4. Faster Career progression -- PERSONAL GROWTH (50%)

If you’re hiring Millennials, these are important considerations. Similarly, if you’re trying to sell to Millennials, they are a purpose-driven generation that thrives on technology.

It seems like a juxtaposition -- technology and personal touch. For Carver, it was the two most important criteria for choosing his new bank. Are your clients high-tech and high-touch?

What can you do to help them?

Source: Jeff Schmidt, RAB





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