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GLOBAL 2016: Millennial service needs to be more than transactional

Building relationships and loyalty among millennials presents some special challenges. It sounds counter-intuitive, but our research shows that, although millennials spend a lot of time online, they value the interaction that happens at a physical location. It’s important for building trust. Building a relationship and establishing trust is especially important with millennials because even with many convenient digital banking options available to them, there’s still something reassuring about a personal connection when it comes to their finances. Banks so far mostly have marketed transactional services to millennials. Although banks have extensive data on these customers, banks have just begun to make sense of the data, so most haven’t created strategies to build their investment businesses around millennials.
Victoria Sakal