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September 8, 2016
/   Insights

We're constantly being warned that fraud is one of the biggest threats facing the banking industry, but the true scale of this was revealed by a recent survey that suggests it could make up...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Fast Facts: Student Loans

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/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

Millennials are broke, burdened with too many college loans and living in their parents’ basements. So they’re hardly good candidates for loans. Right?

Wrong. In fact, Millennials (who most define as those born between 1980 and the mid 2000s) contribute $1.3 trillion to annually to consumer spending and nearly a third of them are homeowners—with mortgages. So if you’re not marketing to Millennials, you’re missing out.

That’s all according to a new report out by the Harland Clarke Corp, which used several outside sources to compile data about Millennials and lending.

Young people—those were 34 and younger (who in fairness include some Gen Ys) are actually the largest percentage of homeowners, with 32% owning homes. Gen Xers come in next at 27%.

The overwhelming majority—97% of homebuyers—finance the purchase with a mortgage.

Many Millennials are so comfortable with non-cash payment options, that they don’t even bother toting around cash.

Almost a quarter of them carry less than $5 in their pockets and bags. That means they are more likely to use plastic—or mobile apps—for even small purchases.

In other words, Millennials need money for cars and homes—for virtually everything.

So what’s the best way to reach Millennials? First thing is to remember that they are a diverse group: They range in age from high school to young adults starting new families. They also are differs ethnically and geographically. So there’s no one-size-fits-all.

The report, available for download after handing over your contact information, breaks it down in a handy chart, with several subcategories.

But clearly, you have to target Millennials by age. The younger ones are just coming out of high school in the older ones are launching careers and families.

While the groups all vary to some degree, they do have this much in common: They want to pay off debt, which ranges from student and auto loans, to home mortgages.

Keep in mind that Millennials are not opening credit card accounts as much as other generations. But when they do use them, they take advantage of the rewards and as one might have guessed, the technology that goes along with those accounts, such as mobile apps, automated payment alerts and online statements.

Here are a few tips that aren’t in the report:

If you want to reach out to this generation, use email. But Millennials don’t use email, you say. Actually, they do. They may not respond to it all the time but they are so addicted to their email that, according to an Adobe study, more than half of them check email from the bathroom. Seriously.

The study also offers other wisdom: Millennials are the mobile generation. They’re more likely to connect with you using a smart phone. So if you’re not optimizing for the mobile platform, you’re definitely losing out.

In addition, Millennials may like email, but they don’t like to be overwhelmed with it. (Who does?). Less is more.

Also Millennials are very sophisticated so take the time to target them specifically. Otherwise they will see you as spam.

And don’t forget video, which Mashable says, is a great way to reach people reared on short clips.

In other words, Millennials want to be reached in the way they’ve always been reached. It might take some work but it will be worth it in the end. Remember – as they age they become even more valuable.

About Janet Kornblum: Janet Kornblum is an award-winning journalist, writer and the co-founder of Panic Media Training, where people learn how to deal journalists such as herself. Her work has appeared in USA Today, CNET, Salon, Reuters and many other publications. You can find her in all the usual online places, including Facebook, Twitter and her site.


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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp