Financial institutions that aren’t developing and catering to the wants and needs of younger demographics are missing out on huge opportunities for growth. Luvleen Sidhu, Chief Strategy and Marketing Officer at BankMobile, spoke with us recently to discuss how BankMobile is connecting with a younger audience, specifically college students, to educate and empower millennials.
In a few sentences, can you tell us about BankMobile?
BankMobile is a division of Customers Bank and is the first and only bank in the country to offer a mobile, online and tablet banking platform with no fees. It provides target customers – millennials, the underbanked and middle income households – a digital, effortless, and financially empowering experience.
What is a recent initiative that BankMobile has launched to connect with a younger audience, specifically college students?
In order to directly connect with college students, we recently designed and implemented our nationwide BankMobilist College Ambassador Program. We launched this program not only to help increase awareness about BankMobile, but to financially educate and empower millennials across the nation and to help college students gain real world experience in marketing and business.
Why does BankMobile feel it is important to connect with college students?
Millennials are an important generation who have unique characteristics – they are the largest generation; this year they became the largest in the workforce and they are the most tech-savvy and tech-dependent generation. Millennials unfortunately have a -2% savings rate, meaning they spend more than they save. 75% of them wish their financial institution would provide them with the knowledge and advice they need to make prudent financial decisions. They are also used to simplicity and effortlessness and financial services need to be delivered to them in this way.
How can other financial institutions learn from this initiative?
Other institutions should be catering their platforms for the future – focusing on being more mobile. Additionally, we strongly believe that fees are overburdening the public and that all institutions should revise their programs to reduce the pressure their customers face.
Aside from millennials, does BankMobile have any other target audiences? Are they doing anything differently to reach them?
Because of its no fee structure, BankMobile is set to financially empower customers other than millennials, including middle class Americans, the underbanked, Gen X and tech-savvy Baby Boomers. We are able to do this today through our blogs, social media content and access to a free financial advisor and our BankMobile Foundation, which has been founded to promote financial literacy.
We have a start-up mentality and are truly dedicated to disrupting the banking industry. We also have a team composed of banking veterans who bring domain expertise and credibility as well as millennials who bring innovative mobile technology, digital marketing experience, social media expertise and most importantly, passion!
To learn more about BankMobile, please visit their website.
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