Millennials, who are they?
According to Forbes.com millennials are the demographic born in the 80s and 90s, they make up the majority of the workforce and hold most of the financial power in the economy.
The millennial segment represents the greatest challenge for banks, but for those that meet the challenge, it could be a great opportunity for growth.
Can you name a millennial who doesn’t use WhatsApp?
Millennials are the “always on” generation. They are always online and always connected. These tech-savvy customers expect first-rate services and high levels of convenience from any place they do business with, especially their bank. When these expectations are met, they are more likely to become loyal customers and recommend their bank to others.
What opportunities does WhatsApp Business present for banks?
- Personalised Service
Banks can factor user preferences into the chat to create a personalised experience e.g. “Good morning Clement, your current account balance is ZWL350,78”.
- Fast, accessible customer service
Imagine automating your FAQ’s, outlining loan procedures or serving up forms via a bot over WhatsApp so your customer doesn’t have to hold on a call for over an hour for the most menial task.
- On-the-go transactions
For banks to successfully cater to this market, they must offer a robust online experience with standard features such as mobile banking, remote deposit, and online bill payment options. Transactions must happen quickly, smoothly, and without onerous fees. In terms of lending, with the growing popularity of peer-to-peer lending, traditional banks should offer lending options that are easily accessible, digital, fast, and free of speed bumps.
- Product knowledge which lead to action
Information about all products and services available over chat. Millennials are more likely to try alternatives to traditional banking to meet certain needs, especially when it comes to services such as payment solutions and obtaining loans. Banks can share all their loan information in a compact PDF document as well as downloadable forms that customers can read off their phone and proceed to apply.
- Outline procedures
In an instance where all information has been shared, banks can collate all the necessary data for application procedures ie. in a form or through a USSD format over chat and customers can be approved for loans, mobile banking, etc. in just a few hours as opposed to several weeks or even months.
The time is ripe for banks to make some critical changes, adjust their strategy to meet the needs of this generation, and stand out in a highly competitive market. Become an early adopter to millennial banking habits with WhatsApp Business. Contact us at firstname.lastname@example.org