Shaken by the success of online banks and the desertification of their branches, traditional banks are being asked to reinvent themselves. In the era of fintech and the increasing digitalisation of society, it seems urgent to question the services and advice provided by banking institutions. More so considering the demands of the new generation of customers, the so-called Millennials…
Millennials: banks face the expectations of a demanding generation
Online banks, neo-banks, fintechs… Traditional banks compete on all fronts, from current accounts to savings, credit, and payments. Fed up with digital solutions and ultra-fluid customer paths, Millennials want to benefit from greater autonomy and control over their banking operations. In terms of advice, this generation born between 1980 and 2000 demands greater proactivity from their advisors and an ever-greater degree of personalisation.
Gamification and data for a personalised customer experience
Accustomed to offering their data for more personalised services, Millennials expect their advice to be based on facts and consider their individuality. In this respect, financial advisors are interested in equipping themselves with tools enabling them to collect and process this data: financial situation, current projects, investor profile, appetite for risk and sustainable finance, etc. In their perpetual quest for meaning, the young generation is indeed looking for their investments to have an impact. To collect investors’ ESG preferences in detail, the start-up Neuroprofiler offers ESGprofiler, an investment game based on behavioural finance and gamification. The aim? To propose, at the end of this fun questionnaire, the ESG product that is best suited to the investor’s expectations to satisfy his need for recognition of his uniqueness.
Ø Read also: Gamification in the banking and financial sector: what business opportunities?
Next gen’: a generation to educate
The other major characteristic of the next generation is that it is made up of investors with little experience. Therefore, it is essential to participate in the financial education of these young clients by making them aware of the different investment strategies. Thick printed brochures, academic exchanges with their advisors… Traditional teaching aids are not adapted to Millennials. They are used to learning mainly via digital, intuitive, and short applications, as shown by the success of fun learning sites such as Duolingo or Babbel. For this generation, which is defiant towards institutions and has little time to spare in general, it is necessary to be able to offer tools that are adapted to their uses.
To address this other specific need of the next generation, Neuroprofiler has developed EDUprofiler: a fun application that can be used throughout the year, with or without the presence of an advisor, to improve financial education. EDUprofiler begins with an adaptive knowledge test that allows the course to be personalised to the client’s level of knowledge. Composed of infographics and interactive articles, each module lasts from 3 to 6 minutes and corresponds to a financial product. Because it adapts to the pace and uses of Millennials, this fun e-learning platform is ideal for increasing their skills!
Banking of future: a fair alliance between digital and human
The insolent growth of online banks should not cloud the judgement of banking players: the bank of tomorrow will not be disembodied and accessible only from a technological terminal. On the other hand, it must know how to capitalise on the latest technologies to provide its customers with an ever more fluid, easy and rapid service. The next generation requires a “digital-first” approach and a seamless customer experience to satisfy their autonomy needs. But to meet the expectations of personalised service, the bank must adopt a customer-centric approach and offer the best of the human touch combined with digital.
In this context, the advisors’ time must be used wisely, for face-to-face meetings, around central and strategic questions. In an increasingly digitalised world, customers are looking for privileged human contacts, sources of expertise and high added value advice.
While blockchain and AI are revolutionising back and front office processes, the bank is gradually reinventing itself to meet new customer expectations. The road to becoming the bank of the future is long, but it can be shortened considerably by forging the right partnerships with the best fintechs. Whether to improve your customers’ financial education or help you better capture their ESG preferences, Neuroprofiler accompanies traditional banks in their necessary digitalisation. Would you like to know more? Contact us for more information!