In a new piece for Banking.com, Enacomm CEO Mike Boukadakis urges banks, credit unions and card companies to recognize a key dynamic: “Millennials Are Setting the Consumer-Experience Bar in Banking.”
From the article:
The overall strategy of the financial and payment industries must evolve to meet the wants and needs of Millennials—the largest demographic group in the U.S.—as was done for their elders. In years past, these industries were forced to adapt to the demands of new adults in earlier generations by implementing technologies to fit their lifestyles. Financial organizations should embrace young adults’ desires for speed, convenience and security, and develop products and services that meet their expectations.
As Boukadakis points out, new media—on-demand access to content anytime, anywhere, on any digital device—is the only media for many Millennials. This has created expectations for immediate information, which calls for a diverse digital approach when developing banking and payments technology and services.
What does this create? Flexibility. “Banks, credit unions and payment companies need to invest in technology—cloud apps, call center technology, mobile security—to meet consumers where they are with customer service,” according to Boukadakis. “To provide a superior consumer experience for all ages, modern technology that enables intelligently personalized and multi-modal interactions with customers is crucial.”
An omnichannel approach to customer service, one that links all interaction channels, is needed to optimize and adapt to changing customer dynamics in real-time. Sharing information across interaction channels and offering consumers multiple ways to find answers will ensure they don’t run into dead-ends.
According to Boukadakis, predictive analytics is key to streamlining multimodal customer service and meeting the expectations of the modern consumer, which are increasingly being shaped by Millennials. With the latest technology, data can be utilized to anticipate individual patrons’ needs, allowing organizations to resolve issues faster and with less effort from the consumer.
To read Boukadakis’ full Banking.com article on how financial institutions can “bank on Millennials” and impress today’s consumers, click here.