Preparing for the Millennial Consumer in Financial Engagement

Many in billing and collections are discovering they are ill-equipped to handle the growing number of millennial consumers.  The newest and largest generation of consumers doesn’t respond to traditional communication strategies; they are incredibly difficult to reach, changing jobs frequently and rarely answering the phone.  In order to be effective, organizations must change their approach.

The millennial is unique to any consumer group before them.  They are the first generation that will not remember a time before internet, smartphones, or streaming television and because of the plethora of technological conveniences, they have a different set of expectations for service.  Knowing the expectations of this new generation of consumers, Professional Credit initiated changes in an effort to be better prepared.

These consumers want autonomy.  They expect round-the-clock access to their accounts and the ability to pay what they want when they want.  This is why we took care in creating our consumer portal.  The portal gives access to accounts and payment options online, offering full independence to manage financial obligations without the need to speak to an agent.

This generation is notoriously connected to their smartphones. A recent study indicated that they use their smartphone to access the internet more than any other device, spending a record 233 minutes a day on average on their phones, online.  Considering this, mobile access is very important.  That’s why this year we made the release of our mobile optimized website a top priority.

And they are doing more than just leading the charge for more technology-driven self-service options- they are influencing the other generations to expect the same. The necessity of interacting with millennial co-workers, children, or associates has many older demographics adopting similar habits for communication. This makes the move to digital channels even more important for any business organization.

With our mobile optimized website the millennial consumer is given full account access from their favorite device.

At Professional we know that in order to continue to engage successfully in financial conversations with consumers, we must stay ahead of market trends.  Our approach to the millennial consumer is one example of our dedication to providing the most cutting-edge service for our clients, through new technology, and extensive market research.