The Story:
Research from the Independent Community Bankers Association (ICBA) finds that Millennials prefer banks that support local communities. Even more than previous generations, Gen Y’s awareness and interest in community banks is up 11 percentage points over their Gen X counterparts – with 61% support among ages 25-39 versus 50% support among those 40 and older. Not only do Millennials think “perfect” banks are community-minded, they want their bank to show that support as a core brand value communicated across the bank’s channels.
The Takeaway:
With more than 72 million Americans in their ranks, Millennials are the largest, and arguably, the most influential generation in North America. ICBA research even identified a subset of Gen Y as “community-minded millennials” born between 1981-96 “whose lifestyles and values may align with other community causes that support local economies, such as buy, shop and dine local initiatives” that community banks are known for championing. “It’s vital consumers know that community banks are the perfect fit for their life’s journey,” says ICBA Executive Vice President and Chief Marketing Officer Rob Birgfeld. “And stand ready to build a trusted banking relationship with them — helping them achieve financial stability and their life’s goals, all while making the community they call home stronger and more vibrant.”
Source: Independent Community Bankers Association, “Now More Than Ever, Community Banks Are the Best Financial Choice for Consumers,” April, 2023