Best practices in financial marketing may be outdated, as millennials — the largest generation in American history according to the American Banking Association (ABA) — have different consumer behaviors than previous generations who lacked the technology and social awareness that drive spending habits today.
It would be wise for banks to start paying attention to what's important for people in this key age group, which spans those born between 1980 and 2000. That's a wide range, but what unifies millennials are the tech-savvy habits and purpose-driven philosophies that are undeniably becoming the new norm.