In today’s economy, big banks are doing great – increasing their share of deposits and growing their retail presence.  But strategic players continue to design new ways to attract and retain a new generation of customers – the millennial segment.  Many banks worry that their median deposit age is growing and their larger, older depositors may be literally dying off.   They must attract younger audiences to traditional banking services or risk dying off themselves.

Millennials should be renamed the mobile-nnials as they are glued to their smartphones more than others before them.  They expect simple, seamless access to what they need, when they need it and have little tolerance for not getting what they want.   It’s all about the mobile experience.  Chase has introduced a new “all mobile” bank, named Finn.  Nothing really unique or new here but an interesting brand positioning for a historically suit and tie big player.

Finn is positioned as an “all mobile” bank.   Positioned to deliver everything a mobile-nnial needs – or thinks they need.  Everything can be done from the smart phone – check balances, deposit checks, transfer money, and pay bills.  You can sign up easily on the phone.  They’ve even added the 1950s “free toaster” with a $100 application offer – very clever – provided you transaction multiple times and stay in for at least 6 months.  They’ve got some cool budgeting and spend tracking features and will likely use the platform to “soft suggest” other services as the accounts get bigger and Finn depositors get older.    Oh yeah, if you need a retail branch or ATM, no worries.

Clearly a smart way to position themselves as user centric versus bank centric.  Changing the experience and the position (and the name) can help better attract this elusive group.  Next up?  – voice activation integration.


Working Media Group is a strategic, data-driven agency that helps clients to successfully navigate the complex media landscape and drive business results.

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