by Jorge Santiago
A recent Gallop poll on the banking tendencies of the millennial generation (those born between 1980 and 1996) reveals that this demographic is just as financially astute as preceding generations, despite perceptions to the contrary. In fact, nearly a quarter of them have more than $50,000 in investable, liquid assets. What’s more, millennials are actually more loyal than their elders, keeping the highest share of their total assets—69 percent—with their primary banking institutions. Yet, despite the solid investment that millennials represent, only 23 percent of these young adults report feeling fully engaged with their primary bank. Some 31 percent report being actively disengaged.
That’s why we at The Milford Bank have taken great strides to differentiate our services to address millennial concerns, which just so happens to benefit all of our customers—young and old.
Here are three reasons millennials choose Milford Bank for their banking services:
1. Multi-channel engagement: According to the aforementioned Gallop poll, 55 percent of millennials are fully engaged with their bank when satisfied with all communication channels (in person, social media, and online and mobile banking). This is where Milford Bank shines, leveraging our local small-business charm without missing the boat on online and mobile banking technology. Furthermore, The Milford Bank is active with our customers on social media, providing our community with financial advice and customer care across all the channels, such as Facebook, Twitter and LinkedIn.
2. A customer-first mentality: As many as 84 percent of millennials polled reported being fully engaged with their bank when they believed that their bank was looking out for their financial well-being. One factor that engenders such trust is a company’s social mindset. In fact, according to a 2013 Cone Communications study, millennials have 91 percent more trust in businesses that support social causes. Milford Bank has been an active participant in the local community since 1872, and was even awarded the 2015 Business of the Year award by West Haven’s Chamber of Commerce. In the past year alone, Milford Bank has sponsored events from free small-business seminars to health awareness programs.
3. Comprehensive set of banking products: Millennials are more inclined to consolidate their banking products with a primary bank than previous generations, according to the Gallop poll. What’s more, they are choosing to utilize additional services with their primary bank at an even higher rate. From home equity loans to advisory services, millennials are loyal to financial institutions that enable them to manage their finances in all arenas. Fortunately, Milford Bank handles it all, including personal bank accounts, offerings for businesses, loans, investments, mortgages and insurance. We even have programs for children, to ensure that every member of the community can benefit from our services.
For millennials looking for a place to do their banking, Milford Bank is clearly a great choice. Furthermore, when you become a Milford Bank customer, you do your part to support the community we serve. For more information about The Milford Bank, check out our website here.