Millennials grew up constantly posting their lives on social media and having access to the world in the palm of their hand; this is a far cry from the world of dial-up Internet and VHS players.
Back in July, HousingWire wrote about five ways to capture the millennial market as more of them start to move toward owning a home.
Since millennials are starting to dabble in the idea of buying a home, Kelly Booth, mortgage unit director at Velocify, outlined ways to bring millennials/first time homebuyers into the mortgage process.
One of her tips was to follow up fast, citing that following up with an interested borrower within 30 minutes can boost a lender’s conversion rate by 60% or more.
Additionally, lenders should not text too soon. Text messaging can be an effective communication tool with new, younger homebuyers. In fact, research indicates it can help improve conversion rates by more than 100%. But texting in business is an earned privilege — loan officers must first ask for permission before texting a prospect. In fact, those who fail to do so cut their probability of making a connection by 39.2% (click the link for the other three tips).
Meanwhile, the Independent Community Bankers of America released the results of a study that tried to illuminate opportunities for community banks to connect with Generation Y (millenials).
Millennials range in age from 19-37 and are quickly changing the face of banking.
In response to the new study findings, ICBA held a twitter discussion with Jason Dorsey, a millennial spokesperson, to get his expert opinion on millennials and banking.
Here are some of his tweets:
In research we did with @icba we found #millennials (aka #geny) are the fastest growing gen of bank customers #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight # 1: #millennials are often experiencing "delayed adulthood" Want freedom of being adult w/o responsibility #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight # 2: We r seeing #millennials break into 2 trajectories. 1 group is creating econ traction the other isn't #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight 3: #1 turn off for #Millennials as customers is feeling like they're a number. Relationships so impt. #MillennialBanking @icba Comm
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight # 4: #Millennials and #GenY are NOT tech savvy. They are tech dependent. Big implications for banks. #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight # 5: #Millennials are not disloyal, we just have the least established loyalty. BIG difference there. #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight # 6: Millennials no longer just a big gen. Now we see every other gen communicating more like Millennials. #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Insight # 7: Millennials will decided in next 5 yrs where will bank for next set of life events (home loan, etc.). #MillennialBanking @icba
— Jason Dorsey (@jasondorsey) November 17, 2014
Dorsey and ICBA also provided new statistics on millennials. Click the link for the rest of the stats.
Stat # 1: 55% of #millennials prefer to work w locally owned and operated community banks. #MillennialBanking @icba http://t.co/63GLjCsZ9t
— Jason Dorsey (@jasondorsey) November 17, 2014
