Report Claims to Know What Millennials Want from Banks

Our generation can be a hard nut to crack when it comes to advertising. We see straight through the shallow bullshit that a myriad of advertisers like to put in front of us, opting instead for the smarter, more disruptive options over the status quo. Choosing a bank is no exception.

A report by Rocky Scopelliti titled Millennials, Mobiles and Money – The Forces Reinventing Financial Services highlights our love of going against the grain.

“Millennials may be the first generation to live their lives never requiring, nor engaging with, a traditional institution and only ever associating the word ‘branch’ with a tree,” said Mr Scopelliti in the report.

According to the data, we want the banks to offer personalised and predictive products that allow us to control our own data when we purchase financial services through mobile apps. Sounds about right.

The report also warns advertisers of our keen ability to sniff out blatant advertising, because as Scopelliti writes, “just because they’re always connected, doesn’t mean they’re listening”.

No shit. We’ve spent half our lives avoiding your fucking popups. We know what’s up.

“The ability to customise and tailor offers, connect at an emotional level and automate will be strong levers that financial services providers can use for differentiation.”

With fintech closing in on the big banks, they’ll no doubt be growing worried that we’ll up and leave as soon as a great offer comes along elsewhere. Let’s face it, of course we will.

This leaves the big players scrambling for clever ways to keep us engaged, but whether we’ll see through whatever ju-ju they come up with next is anyone’s guess. But hey, Rocky reckons he’s got us all figured out.

“They value relationships grounded in security, privacy, flexibility, real-time, multichannel, customised, emotionally connected, personalised, predictive and autiomated – and they’re open to whoever provides it,” says Mr Scopelliti.

So many buzzwords, but is that really what we want from a bank? Maybe we’re ready for a whole new ride altogether? All it’s going to take is the Uber/Deliveroo/Menulog of the financial space to show up, cut the crap and offer us a better service for much less. We’ll then spend the next X years wondering how we put up with the traditional model for so long.

It’s only a matter of time, big banks. Be afraid.