TimeTrade has spent the last year surveying consumers about their habits and perceptions around customer experience in a variety of vertical markets. Responses from millennials show that despite having come of age in the era of smartphones and apps, millennial consumers still value in-person contact with various service providers.
Following are key millennial data points from recent TimeTrade surveys.
As the retail market continues to experience the convergence of the digital and the physical, millennials—despite growing up in an increasingly technology-driven era—want in-person service for key transactions and buying situations.
For example, 87 percent of millennials report that when making a major purchase, such as an engagement ring, they would like it if the jeweler were expecting them and already knew their preferences (such as budget, ring shape, etc.).
Banks and Credit Unions
The ongoing transfer of wealth to millennials presents a tremendous opportunity for banks and credit unions to provide this generation with prompt and highly personalized customer service. The timing is right, as millennials have begun to reach the stage of life where they are making major purchasing and financial planning decisions (e.g., mortgages and retirement savings accounts).
While millennials are a generation that has embraced sharing models such as Airbnb and Uber, they still want to have in-person conversations when it comes to major financial decisions. For example, TimeTrade research reveals that 75 percent of millennials are willing to book an appointment for an in-branch meeting with a mortgage specialist.
As millennials accumulate wealth and take on financial responsibility, they are looking to financial professionals for advice on wealth management and financial planning. For instance, millennials are more likely to change financial service advisors in search of better rates and more personalized service.
Millennials’ preference for new platforms such as ride-sharing services and alternatives to hotels, coupled with the increasing number who are becoming heads of households, makes meeting regularly with their insurance agent more crucial than ever.
TimeTrade research indicates that 76 percent of millennials would like to hear from their insurance agent when their policy is up for renewal.
As millennials age, healthcare is another major area of concern. The importance of in-person attention is most reflected in this category, as TimeTrade research indicates that the vast majority of millennials are willing to schedule an appointment to meet a physician and 74 percent would consider/ be comfortable having a virtual meeting (video chat) with their healthcare provider.
To learn more about millennial consumers’ preferences, read our new eBook.