Get inside the minds of the largest adult generation
Many financial institutions struggle with engaging the millennials who will soon be the beneficiaries of the vast wealth passed on from older generations. BANKTASTIC’s Millennial Money Mindset offers the solution.
The Millennial Money Mindset is a subscription service providing new research each month on financial attitudes of America’s millennial generation.
Each report contains qualitative data and analysis on questions posed to more than 200 members of the BANKTASTIC National Millennial Advisory Board.
“We see many financial institutions experiencing the same headaches,” says Martha Bartlett Piland, president and CEO of BANKTASTIC. “They know they must be more relevant to millennials as potential customers and employees, but they struggle with understanding how to effectively connect with them.”
advisors from across the country
“We’ve amassed a treasure trove of information and insights. Each month, we get wider and deeper on money matters with our highly engaged millennial advisory board,” says Bartlett Piland. “Our board gives us fresh perspective as we dig into issues that are much more nuanced than we’ve seen revealed elsewhere.”
The board is also called upon for custom research projects for clients who want to test product offerings, advertising messages, benefit packages and more.
Not all banks and credit unions have budgeted for custom research. Through this subscription service, institutions of any size get access to vital new information at an affordable price.
The banking industry is highly regulated, and is often perceived as a commodity. “Building a marketing strategy founded in research helps brands build the right types of products for customers as well as authentic and meaningful relationships with them,” says Bartlett Piland.
following the money
Millennials do not currently control a proportionate amount of wealth in the US, but that will begin changing in this next decade. And now, as the largest adult generation, it’s more important than ever that financial organizations understand their attitudes and behaviors regarding money management and wealth.
As older Americans begin to pass their wealth down to their children and grandchildren, many millennials will be the beneficiaries of this vast wealth. But these millennials do not have the same attitudes and trust of the market and financial organizations. They experienced the housing market crash, a recession and stock market crash and are burdened with the highest levels of student loan debt than any previous generation. They have lower levels of financial literacy than other generations, including their younger counterparts in Generation Z. Their financial needs are also different.
Bankers need to be ready to serve the particular needs of millennials—not try to retrofit them into a cookie-cutter box that suited previous generations of account holders.
“Everyone is charged to do more with less,” says Bartlett Piland. “Financial marketers are no different. Finding the best ways to plan their advertising spend, how to segment audiences, build a brand and invite new customers and employees into the organization is complex. Arming themselves with research to make smart decisions is vital. We created the Millennial Money Mindset to help institutions of all sizes make better decisions that will affect their revenue and profit long into the future.”
product details
Details and how to subscribe: https://banktastic.agency/millennial-money-mindset
$49.99 billed to customer credit card monthly
report based on monthly surveys to 200+ board members from across the county
typical survey has 7–10 questions
subscribers get special pricing on custom research, which can include: concept or product testing, focus groups, custom surveys
about the BANKTASTIC national millennial advisory board
The BANKTASTIC National Millennial Advisory Board was formed in January 2019 to share thoughts, wants and needs on banking and finance so financial brands can get a better understanding of how to best serve and build loyal and rewarding relationships with millennial audiences.
about BANKTASTIC
BANKTASTIC is a marketing services agency focused on financial institutions and organizations that work with them. It helps them differentiate and thrive in a crowded marketplace, and to better position them to prosper in the future.
The agency is also known for its regular articles appearing in the American Bankers Association Journal, and for writing the definitive book for financial marketers, Beyond Sticky.
more about BANKTASTIC can be found at banktastic.agency
