Millennials And The Finance And Banking Industries

Okay, so today we’re discussing the industry leaders who are doing everything they can to attract the attention of the younger generations. The financial and healthcare industries have been struggling in today’s youth-driven environment. The finance industry was the first to discover that in order to meet the needs of the rising millennials, they were going to have to take a closer look at how they do business.

The biggest struggle for the banking sector has been getting the majority purchasers into their offices. Whereas older generations would seek out the help of financial advisors while fairly young, their children and grandchildren are less willing to spend their time in long appointments inside a bank. An even bigger problem for banks is the trust factor- younger generations simply don’t trust banks or believe they have anything to offer them. Attempts to attract their attention with loyalty programs or financial education haven’t worked. Last year, only 5% of millennials hired a financial planner. Similarly, for the healthcare industry, one of the big issues is trust. Instead of viewing primary care physicians as their first line of defense when facing minor health issues, this new generation sees them as a last resort. Only 25% of millennials answered “yes” when asked if they trusted everything their doctor told them. Most begin by using the Internet to learn more about issues, rather than face the cost of healthcare.Some companies have begun to transition away from the faceless, dull relics of the past and into something more human. Oscar Health is one example of this, who recently launched an app designed to hold patient’s medical records while also allowing them to book appointments, find new doctors, and see claim information.

They even offer a one dollar award to members who meet or exceed their daily step count goal. On the banking side, Fiserv is attempting to bring an element of fun to banking along with a higher degree of convenience and usability. They hope that by adding the ability to access your banking information with your voice, or to open a new bank account through your phone, younger users will start to see their bank as a simpler and more trustworthy industry. The healthcare and banking industries have begun holding special events in an attempt to gain traction with younger people. One found a great deal of success with an ice cream truck marketing their brand. For the most part, however, what’s working is simplifying the process. One bank streamlined their sign up process so that it only takes five minutes to create an account and invest. For the future, it looks like these industries will continue this path to gain the attention of the younger generations.