According to a report by Millennial Disruption Index 71% of Millennials would rather go to the dentist than listen to what the banks are saying.
According to the Millennials Disruption Index report, banking appears to be one of the sectors most likely to be disrupted  .
One of the biggest challenges in banking is to reconsider the approach used so far with our parents’ generation. Customers of this generation have created wealth in a very different way and at a different rate than previous generations.  .
Added to this fundamental change is another factor that is accelerating the upheaval in the banking and financial investment sector, which the new generation is only accelerating:
– 90% of millennials check their smartphone within 15 minutes after waking up.
This means that if the financial industry wants to get closer to the new generation, it must simplify the way it connects with young people and become more accessible and visible online and on smartphones to have a greater impact in this market.  .
– 88% of millennials currently do their banking online
Tedious processes accepted by older generations, such as opening an old-fashioned paper account, will have to give way to more efficient methods, improving transparency and trust.  .
” The challenge is to be able to interact with this new generation, then to interest them. Tending towards Open Banking and omnichannel is the condition sine qua non. “ Christophe Leu – Communication manager Bordier & Cie
A matter of trust
Another peculiarity of the younger generations that differs from the older generation is the way in which they develop confidence. When it comes to financial matters, they are the least confident of all generations  . It is not a misunderstanding that millennials, although wary, nonetheless place their full trust in the technology that accompanies them throughout their day, and one study tells us that a common trend among millennials is to increase their confidence in artificial intelligence.
Voice assistants are consulted in the morning , and 73% of young consumers say they trust Google, Apple and Amazon more because they communicate more with their voice assistant than with their bank when they have financial questions .
“Digital is a tool that can bring exceptional proximity to NextGen, which spends more than 3:30 a day on the internet. But it is only a tool. Do not believe that by going digital, you will gain the trust of your targets. It is not enough to transpose your advertising brochures online. “ Mathieu Mollard – Communication Consultant, Financial Sector
Trusting too much Google search results can also have negative consequences: can an investment recommendation made by YouTubers / influencers not knowing the investor’s risk profile replace a recommendation from a banker  with years of experience and customer knowledge? It is therefore necessary to review the contact methods and the trust relationship with this generation.
On the other hand, according to statistics, Millennials don’t shy away from personal interaction with a counselor.
– 82% Millennials would prefer face-to-face meetings, a welcome statistic for more robotic businesses that have already developed these digital personalized consulting services.
Finding the right tone, the right way to approach NextGen is a real challenge.
“Brands have understood the importance of NextGen, and are competing for means to woo it. It becomes all the more difficult to stand out and to capture the attention of this generation which is spoiled for choice. The NextGen in 3 words: over-requested, emancipated, eager. “ Mathieu Mollard – Communication Consultant, Financial Sector
Value of education
A surprising trend among the new generation is that they are extremely conservative investors who keep on average 52% of their cash savings (against 23% for other age groups), another element that reflects a distrust of the financial system, as well as a general lack of financial literacy .
The importance of this statistic is to remind us that it is therefore important to educate young clients on investment and planning strategies that match their specific goals..
One option is to provide financial education early in the relationship between an advisor and a young investor so that the latter can have more confidence in the person doing financial administration. . Investing in educating young people about the financial market is strategic because it lays the foundation for the necessary confidence of the future advisor-investor relationship. .
“With the meteoric acceleration of technological developments (blockchain, crypto currencies, etc.), a systemic understanding is essential: ‘without mastery, power is nothing’, Pirelli. So yes, training and the transmission of knowledge are more than ever an essential pillar in our interactions with NextGen. “, Christophe Leu – Communication manager Bordier & Cie.
Another aspect to consider is that while many millennials continue to build wealth on their own, others may soon receive significant wealth from their parents. . According to Investment News Data, 66% of millennials will fire their parents’ financial advisor during this transfer of wealth . Many advisors are unprepared for such changes . It is up to the financial advisory sector to bridge this gap and find a reason to strengthen its link with the younger generations. .
How can you better communicate with the next generation of investors?
At123nextgeneration®, we take seriously the impact we can have on the next generation. We empower young people to become active agents of change for a positive future, especially in investment education.
We help companies that want to help the next generation, prepare them for tomorrow’s challenges, support them in investment challenges, including improving their impact and visibility through digital content.
We have training courses that could be interesting for the younger generation, in particular “investing in the markets” “managing your personal marketing and digital presence”, “managing stress and anger”.
Would you like to know more about becoming a sponsor and giving all the benefits of these training courses to the young generation? Email us at firstname.lastname@example.org or call us at 022 552 22 40.
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