CMOs need to rethink the way they attract, serve and retain customers. It’s time to dump existing marketing models built around single channels and delivery silos. This is your moment.
The last of the Millennial generation are in high school. Most have already graduated and are in the workforce as young adults. This is the largest generation in history with 85 million people (vs. Gen X with 50 million people and Baby Boomers with 75 million people). While there are some decidedly different channel usage patterns among these three generations — particularly the older half of the Baby Boom — what is clear is the Millennials are pushing brands to engage them where they are, which is everywhere… all the time.
Millennials are more digitally inclined and demanding than prior generations, but what’s also true is they pressure brands to deliver more integrated online/offline customer experiences. And now Gen X’ers and Boomers want it too. To varying degrees, most consumers now expect a coherent customer experience — from the initial touchpoint, trial, sale, usage and ongoing brand interactions. Delivering a seamless experience is no longer a “nice to have,” it’s a “must do.”
Many, if not most, of today’s banks and credit unions are embracing expansion of their online and mobile banking solutions to reach Millennials, but also to attract all banking customers who embrace digital banking. And while a coordinated digital presence is central to providing an omnichannel banking experience, it is not the only component. Recent Mercator Advisory Group research suggests that omnichannel banking extends beyond digital banking and includes the need for advanced data management, integration, and predictive analytics capabilities as well.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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