Not too long ago, Citizens Bank felt like they had a pretty solid digital banking strategy. Their mobile experience checked all the major boxes: simple design, intuitive UX, live chat, and online applications.
And yet, despite all this, they still felt like they had a problem.
Two problems actually. First, people weren’t completing applications digitally. Second, this high abandonment rate was a particular struggle with Millennials who were applying for student loans.
Even though Citizens has a strong private student loan product with zero fees, low rates and flexible terms, Millennials weren’t responding to email reminders, phone calls or direct mail pieces imploring them to complete the process.
According to Mary Fiorille, head of unsecured lending business at Citizens, trying to get Millennial applicants to take the next step and provide the additional information needed after starting a student loan application was like pulling teeth. This resulted in low conversion rates and unnecessary delays with those loans that ultimately did get approved.
It’s clear that traditional institutions face an uphill battle when looking to engage, acquire and retain Millennials. There’s no emotional affinity, and almost no loyalty.