Sells Agency Study Targets Banking Habits of Millennial Professionals
by January 19, 2015 12:00 am 208 views
A new study from marketing and public relations firm The Sells Agency focuses on the banking habits of a population subset that is sought after by the banking community: Millennial professionals.
The study shows a majority of Millennial professionals, defined as individuals ages 24 to 29 with annual incomes of more than $25,000, have “robust banking relationships with multiple accounts,” according to a press release from the agency.
Almost 75 percent of those surveyed bank primarily through digital conduits, but convenient branch locations are still an important aspect for those who switched banks, according to the report.
“We were surprised to see that while the vast majority of professional millennials go into a bank branch once a month or less, the availability and convenience of branches is extremely important to them in deciding where to bank,” CEO Mike Sells said in the press release. “This dichotomy will create challenges for bankers in the future as they try to compete with large, national brands, who can offer both the technology this generation actually uses in addition to the network of branches they don’t use very often but find very important.”
The report also shows the subset to be loyal banking customers, with two-thirds maintaining the same bank since college and more than one-third using the same bank as their parents.
The agency’s Bank Clarity division conducted the study, polling 322 customers nationwide.
The Sells Agency is a full-service marketing, advertising and public relations agency with offices in Little Rock and Fayetteville.