With Millennials soon to take the reins as the largest generation in the U.S., earning their business has become a priority for any organization with a forward-looking strategy.
The major social and cultural changes of the last 50 years mean that Millennials have reached young adulthood in literally a different world than previous generations experienced. Life as they know it is largely powered by technology. When it comes to banking – especially “traditional banking” – their formative experiences have created a different set of attitudes and expectations.
Just as many Millennials were maturing into young adults, the economic collapse spurring the Great Recession shaped their perceptions of the banking industry. Now, more than ten years later, skepticism lingers.
People born between 1981 and 1996 generally trust in tech more than any generation that has come before, paving the way for the new landscape of tech companies offering financial services. Building a relationship with the Millennial generation, therefore, will require traditional institutions to meet their strong desire for digitization – or risk losing this vital demographic to tech banking alternatives.
As Millennials reach major financial milestones, like purchasing a first home, they become more willing to give traditional banking institutions a second look, especially if those institutions are apt to work with them on creditworthiness and/or pricing. However, a Millennial customer will still expect a digital-first process driven by speed and convenience.
Bringing Remote Online Notarization, or RON, together with other leading-edge processes and tools will create a desirable total experience. Community lenders deliver people-centric loan products with fair, affordable terms while also meeting expectations for fast, seamless, digital-forward engagement.
Lenders that have smartly leveraged technology to enhance origination and underwriting have found that integrating technology in the borrower-facing stages of the loan process takes the experience from good to great. RON ensures the benefits of technology are also present at the exciting culminating moment for the borrower – the loan closing!
RON gives your digital-native customers the option to securely complete the transaction from the location and device of their choosing, showing that you understand how to be a part of life’s important moments in the way that suits individual needs.
If traditional financial institutions can evolve, so can Millennial perceptions of traditional banking. Show them your institution can defy their expectations in the very best way possible.
Learn more about LenderClose’s RON solution.