The topic of Millennials and their money seems to pop up in mainstream media, the Internet, and business daily. However, banks stand on the cusp of an interesting battle between gaining Millennials and standing behind previous customer acquisition and retention measures. Although an exact statistic is unknown, banks across the country are vying for the attention of Millennials through digital means. Millennials want unprecedented access to their finances, information, and accounts. Millennials spend ample time in the digital world, and banks must improve their website design through several key elements to survive, if not thrive, with a millennial customer base.
If your bank believes in the power of customer service for Millennials, your bank website design must include a live chat option. Millennials often have their fingertips filled with ongoing conversations with multiple people, and they do not want to sit on-hold or have to physically visit the bank. A live chat option allows Millennials to work on other projects and activities, such as completing homework, researching news topics, and skimming social media, while still finding the answers to their questions.
Ease of Navigation & Access
Your website needs to be easily accessible and allow users to find the information they’re looking for at a glance. The use of drop-down menus, buttons, and a responsive site greatly improve the ease of access of your website. These features allow Millennials to navigate your site quickly, especially when using mobile devices. Additionally, failing to have a mobile version of your website leads to penalties in Google’s search engine ranking.
Financial tools such as financial planners, budget calculators, loan calculators, and investment calculators give Millennials a sense of power and responsibility. Millennials do not want the cost of obtaining these services in-person; they want to get online, figure out what they want, and move on. Furthermore, online tools show Millennials that you value their opinion of your products, their finances, and their independence.
Inviting Color Scheme & Security
An inviting color scheme partners with the benefits of ease of access; it allows Millennials to quickly identify what they are looking for and how to navigate the site. Additionally, you need to draw attention to how your bank website design keeps Millennials’ information secure. This may be accomplished through banners, blogs, and digital means. Furthermore, an inviting color scheme is more likely to keep the attention of Millennials longer than a boring, heavy, dark website.
Millennials have witnessed financial tragedy and accomplishment on a global scale in childhood and as an adult. This accounts for their cautious, scrutinizing, and determined outlook when considering banking options. Your bank website design needs to take advantage of the digital wants and needs of Millennials, and including these four elements in your bank website design is going to be your greatest tool in gaining and keeping Millennials as customers.
If you would like to identify the areas of opportunity and improvement on your bank’s website, fill out a quick and easy form for a full financial website audit today!