In addition to the desire to self-serve via digital channels, millennials have higher service standards and a heightened sensitivity to negative service experiences. ² In fact, millennials are more likely than Baby Boomers to report problems with service, as illustrated by data from the telecom industry. ² This is critically important for community issuers, as high expectations and low tolerance for service issues translates into potential retention risks. Millennials don’t hesitate to switch if they experience poor service; nearly half have stopped doing business with at least one company in the past year due to poor customer service. ³
Millennials are also multitaskers who are likely to use multiple channels to interact with a single company.3 Retailers like Amazon and Nordstrom have set the bar high for frictionless omni-channel experiences. ³ As such, banks of all sizes should provide omni-channel service, or a multi-channel approach to sales that offers a seamless shopping experience, regardless of shopping channel.