I Am Your Biggest Problem

As soon as I roll out of bed, I click a button to buy breakfast from Panera. While I brush my teeth, I ask Siri to text my parents. I order an Uber as I run out the door to start my day. I, along with the 74.8 million Millennials that make up nearly a quarter of United States population, live by the “Amazon 1-click” lifestyle – everything must be fast, efficient, and convenient or it is considered useless, worthless, and antique much like Blockbusters or the US Postal Service. 

I, having grown up being completely unfamiliar with physical banking, have never stepped foot into a bank branch. With the average number of transactions per branch per month dropping 45% from 1995 to 2015 (from 13,000 per month to 7000 per month) and the click-through rate for banner ads remaining at 0.1%, traditional digital marketing methods just won’t engage me. The decline in monthly branch transaction volume is shown below. 


The fall in branch traffic from the whole population and the near total absence of branch traffic from the Generation Y’s means that we just won’t be educated on other products and services offered, which means we won’t buy them from our primary financial institution. Yet while physical banking is in decline, one thing has not changed – I still need the products and services provided by banks that my parents bought decades ago. I still need a mortgages, auto loan, savings/checking accounts, and financial advice, I just need a new way to get to them. 

That’s why I’m more inclined to spend 10 seconds with an interview than a minute navigating and clicking through banner-driven landing pages. The times have changed and so must the marketing methods.