How to Be Hip: Big Banks Can Market to Millennials
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Do you want to be hip? Tell young people you don’t like big banks. The way some talk, our largest financial institutions are as fashionable as flared collars and stonewashed jeans.
They’re not alone. Just about every company is trying to figure out millennials. It’s not surprising. Millennials will become the nation’s largest living generation this year. That’s more than 75 million people ages 18 to 34, who spend $1.3 trillion annually. They’re also one of the most influential generations in decades and have an impact on everything from new technology to cultural touchstones.
With roughly 9 million millennial households as customers, Bank of America has a big stake in being relevant to the selfie generation, which begins with being authentic. More than any other generation, millennials want to do things on their own terms. It’s not new to reject institutions, but that thirst to discover their own path is amplified in an age of seemingly limitless choices. Consider that Pinterest, Instagram and Buzzfeed didn’t exist five years ago, and that people spend twice as much time online as they did three years ago.
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