But if banks really want to dial in on millennials, they should use data to find the best prospects.
“If you can get someone’s home address and where they went to school, those are pretty good indicators of where they are going,” Schaus said.
The problem is, most community banks are not great at using data. Companies such as MX are extending capabilities like that to smaller banks, allowing them to create marketing efforts that provide value in exchange for information from prospective clients.
On the plus side, companies like MX and BancVue and Continuity Control can offer services as good as those of the top banks. But it is still a challenge getting customers to come over. So what will happen?