Spencer Cook joined D+H in 2016 as a content creator for the Global Lending Solutions (GLS) division of D+H. His inherent curiosity has lead him to cover a wide range of topics in the technology industry such as the future of Bitcoin, the effect of design on customers and the Internet of Things (IoT).
You are hereResourcesOur ViewpointsThe Trouble Ahead with Millennials
“You’ve got to start with the customer experience and work back toward the technology – not the other way around.” – Steve Jobs
In 2014 Viacom Media released their study surveying over 10,000 millennials to try to understand what industries were most likely to be disrupted once their generation hit the market. The number one industry ripe for disruption among the millennial crowd was banking.
The key findings of the study paint a dire picture for the future of banking:
- 53% don’t think their bank offers anything different than other banks
- 71% would rather go to the dentist than listen to what banks are saying
- 1 in 3 are open to switching banks in the next 90 days
- All four of the leading banks are among the ten least-loved brands by millennials
How can banks change their perception among this key demographic? Eric Schaub, Vice President of Mortgage Lending at Bank Midwest, believes the key is improving customer experience. He joins Lending On Call to discuss how to improve the customer experience with end-to-end solutions and how it could impact the future of banking.
Our interview covered:
- Why millennials often hate their financial institution
- The typical friction points customers experience with financial institutions
- How end-to-end solutions provide a better customer experience
Hear the complete interview here.
Having trouble playing this file? This interview is also available on SoundCloud.
If you are interested in hearing more about the buying habits of millennials, check out our recent interview with Chip Clements of Forcht Bank.