Upon graduating from college there were many things that I was excited about. The ending of one chapter and beginning of another is something that is very exciting and overwhelming all at the same time. Soon after getting a job I realized that the real world wasn’t as fun as I once believed. There is no more sleeping until 11, no more extended vacations, and so much more to learn. Learn, you may ask? Yes. You learn pretty quickly that there was a lot of information that you never learned in college. Things such as knowing how to pay your taxes, which health insurance plan to choose and how to properly take care of your finances.
I may be speaking for myself, but I truly believe that there are a lot of people out there, like me, who have had joint accounts with our parents for years. All I ever go to the bank for is to get cash, in the rare case I actually need cash for something, or to handle a slight case of bank card security (see my last post). I can make deposits, account transfers, and even pay my friends or landlord with Person 2 Person technologies right from the couch. With all of this great technology it makes banking very simple, but I still feel like there is so much more to learn about what the bank has to offer its customers.
This is where I think banks can really use this to their advantage. I think that banks can do a much better job of educating their customers on the services they provide. This has a lot to do with the fact that Gen-Yer’s are the next generation who will be getting their first time mortgages, car loans and making many other complex financial decisions.
There was an excellent article on Forwardbanker.com entitled Professor + Banker = Happy Customers. I feel like this article hits the nail right on the head. Martie Woods says “Like teaching, banking should be an active process in which bankers introduce tools, resources, knowhow and connections to elicit the desired outcome in their customers or members.” He also asks the reader to look back on their past educational experiences. He notes that classes students were most engaged in were the ones the teacher “continually reached into their bag of tricks and pulled out different approaches, tactics, knowledge and motivators that engaged and inspired their students.”
An excellent way that banks could reach the Generation-Y demographic is if they can find a way to make the bank less intimidating and unknown, and more of a place that is welcoming and informative. By educating your customers, it will not only create a customer for the time being, but it could just create a customer for life.