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The million dollar questions that every financial customer of ours wants to know is “How do we get millennials, in particular college students, into our branches?”
The answer is not an easy one. And it’s not because this generation is so different from the rest of us, it’s because of the age group. Gen Y a.k.a. “the millennials” are a large and lucrative population segment to pursue, and financial institutions are in constant competition for their business and their brand loyalty.
For this particular article, I am going to focus on the 18 to 22 year old segment of the millennials, or college students. That is because the designers at K4 are the experts in the financial sector and we have been asked what should a branch designed for college students look like.
We assembled a focus group of college students that attend the
College of Design, Architecture, Art & Planning at the University of Cincinnati. We thought architectural and interior design students would have a vision of a financial branch that attracts them and works for them. The first question was, “What is your favorite retail store?” Believe it or not, it was not the Apple Store. They selected Fossil, Banana Republic and a spinoff of American Eagle. If you do not have a frame of reference for these stores, think “industrial eclectic bohemian.” They are clean and organized but utilize reclaimed wood and textures.
REI Retail Store by Callison, New York
Image Source
Altar’d State – Columbia Mall, Image Source
Aerie by American Eagle – Crabtree Valley Mall, Image Source
THEY DON”T KNOW MUCH ABOUT FINANCES
DON’T’ IGNORE THE POWER OF PARENTAL INFLUENCE
RETHINK YOUR LOBBY SPACE – WOULD YOU WANT TO HANG OUT THERE?
WELL THEN…WHAT SHOULD THE BRANCH LOOK LIKE?
Google Offices, Image Source
Apple Store Akasya, Image Source
OTHER THINGS TO CONSIDER FOR MILLENNIALS…
Credit Card Designs
Our discussion with the students included customized credit cards. When this became the topic of conversation, they all got really excited. One of our students actually signed up for a credit card because she liked how it looked. If you offered them the ability to design their own cards, this would be a huge perk for them. And they made clear to us they do not want to pick from five boiler plate designs. They want the ability to design their own card, as something they use daily should reflect their individual personalities and interests.
According to Moosylvania.com, “This generation is looking for brands that help them become something more than their regular selves. Provide a high quality product or service that helps them look cool, and Millennials will return the favor with their recommendations and purchasing power.”
Websites
When the students were shown a sample of financial websites, both bank and credit union, they all agreed they did not find them appealing or engaging. Like the design of the branch itself – clean, simple and easy to navigate should be the goal of your website. Your website reflects how you do business, and secures your voice and your image. If your website is outdated, or it looks like you used a template website design versus a professional design, our students stated that they would not even consider you.
Promotions and Perks
Promotions and perks seem to interest them. Creating a space that will enable you to educate them on your promotions, products and services in small groups will allow them to become brand ambassadors and spread the word to their friends, essentially re-selling your products and services. We suggest a strong marketing campaign, complimented with 30 minute educational sessions with an incentive or reward for attending. The students like infographics on engaging topics and they all have a “What’s in it for me?” attitude. So if you want to get in front of them as a group, there must be an added perk and of course…FOOD.
Service
When it comes to service they want it fast. No long lines, easy access, and multiple channels to complete financial transactions from wherever they may be.
The bottom line is that college students do care about their finances, but they just need someone to guide them. Gain their trust, speak their language, give them the tools to succeed, and they will engage. And understand they are a bit more traditional than we think.