Milestones and life events can cause significant shifts in consumers’ financial needs and priorities. Financial institutions should be ready to connect with customers during these life events to support them at every step of their financial journey. Events like marriage, career changes, becoming a parent or buying a home can prompt customers to need additional financial products—and may even prompt them to consider switching institutions. During these transitions, routines are disrupted, and individuals are more open to new information and solutions.  

Research shows up to one-third of consumers are at risk of switching banks or credit unions each year, with younger generations more likely to do so. Those 26 and under are less likely to have deep ties to their current financial institutions, making them more willing to make a move. Older generations like Gen X and Boomers are more likely to open secondary accounts while maintaining their existing banking relationships.  

By preparing to meet your financial customers at key life milestones–with empathy, relevance and tailored offerings—financial institutions can create long-lasting relationships. While word-of-mouth recommendations are the most influential factor for those selecting new products or institutions, banks and credit unions should also target customers with services and products that align their needs and life events.

At American Solutions for Business, our sales associates can help you create a customized marketing program to connect with customers at each step of their financial journey. By proactively reaching out to current and potential customers with timely, relevant information you are helping to support their financial needs. These opportunities are essential to strengthen loyalty and trust among clients.

If you are ready to learn more about how we can help reach out to us at financialsoluitions@americanbus.com.