Millennial Financial Brand Trust
Financial brands or products most trusted by Millenials include brands and products which are investing in digital products and services, championing financial wellness, offering personalized services and partnering with non-financial brands.
Investing in Digital Products and Services
- Millenials are known to quickly embrace digital trends. Likewise, digital banking services appeal more to Millenials than to other groups.
- Banks are investing in offering digital products and services to improve the way they relate to Millennials.
- Among younger consumers (ages 18-34), newer, primarily digital financial brands are far more meaningful to their lives than more established brands. Millenials, more than any other group, expect a great digital experience when accessing banking services.
- Millenials are seeking digital financial services that offer them the best user experience, the best value, and can help them reach their financial goals.
Championing Financial Wellness
- Research shows that Millennials are more loyal to financial institutions that help them manage their relationship to credit and avoid its pitfalls.
- Millennials are less likely to abandon banking providers that treat them right and advocate for their financial well-being.
- In particular, many Millenials believe that credit cards are a useful tool, when it comes to financial management.
- College loans are a key factor in millenials seeking banking services that will help them manage their money, as the loan repayments eat into their monthly budgets.
- Brand loyalty among millenials increases for financial brands that help them manage debt.
- As Millennials advance in life, get jobs, get married, start families, etc., their credit needs evolve quickly. Millenials desire a brand experience tailored specifically to them.
- Within the financial services sector, 67% of parents of children under 18 are willing to see a personalized ad from their bank that helps them meet a financial goal.
- Many financial institutions are using personalized messages to become sources of empowerment and trust during all life stages.
- The personal loan market, which has been fueled by financial technology firms, has been very successful in appealing to Millennials’ changing life-stage needs.
- A report by Scratch, a creative-consulting team operating within media company Viacom, shows that 71% of Millennial consumers would rather go to the dentist than listen to a message from a bank.
- Three-quarters of Millennials would rather get their financial services from a tech company like Amazon, PayPal or Google.
- Banking with tech companies is an increasingly viable option for consumers of all kinds. PayPal has already revolutionized online payment of goods and services, and industry analysts have predicted that Amazon is “the tech giant most likely to become a dominant player” in the emerging financial technology space.
- PayPal and Amazon have become a part of the daily Millennial experience.