"To succeed with Millennials, firms must recognize and respond to their need for financial education and guidance, and their demand for mobile account access," James McGovern, vice president of Consulting Services at Corporate Insight, said. "Flexible pricing and products, a socially conscious corporate philosophy, and all-around transparency are also important elements of an effective Millennial-focused value proposition."
Some industry trends and tactics reviewed in Millennials Revisited include:
- Banking: Banks continue to invest heavily in their mobile experience, recognizing that this is the key channel for engaging Millennials.
- Credit Card Issuers: Card issuers are integrating credit scores, spending analysis and other capabilities into their digital offerings to target younger consumers.
- Insurers: Property and casualty insurers are experimenting with new product design and pricing strategies to accommodate Millennials' preferences and budgets. Life insurers are offering simplified, digital applications to make it easier for Millennials to purchase policies.
- Investing/Wealth Management: Leading brokerage firms like Charles Schwab, E*TRADE and Fidelity have rolled out low-cost digital advice offerings to connect with Millennials and defend against fintech startups targeting them.
- Retirement: DC plan providers have made significant improvements to their mobile offerings but may be missing the mark by focusing on mobile-optimized and responsive designed sites rather than native apps.
For more information, to receive a copy of the report or to schedule an interview with the study's authors, please contact:
About Corporate Insight
Corporate Insight provides competitive intelligence, consulting and user experience (UX) research to the nation's leading financial services firms, insurers and educational institutions. For more than two decades, the firm has published customer experience-focused research and has advised clients on key competitive issues with a focus on helping them improve their digital capabilities. The firm offers subscription-based Monitor Services in 14 verticals, including brokerage, healthcare and alumni relations, along with custom research and consulting services, digital capabilities audits, special studies and UX research.
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SOURCE Corporate Insight