Many millennials don’t consider their bank the center of their financial world. However, many millennials center their financial universe around a third-party adviser: Mr. Dave Ramsey. Article author Natalie Brooke says she reads his books, follows him on social media and even listens to his syndicated radio show. Simply put, he’s her go-to guy for all things money — not her bank.
This is where banks, particularly community banks, are missing a key opportunity, Brooke writes:
Dave and his team share common-sense financial advice over multiple channels. The simplicity of his message has helped millions of people eliminate debt, take control of their finances and create a path that allows us to build wealth. Included in the Ramsey product lineup is something community banks should particularly pay attention to: the EveryDollar app, which happens to be ingrained into my morning routine. Frankly, I don’t even log onto my bank’s app every day — or even every week.
If community banks give millennials the advice they are asking for — information on how to save, invest, buy homes, open businesses and plan for a financially abundant future — then they will reap the benefits of selling services that produce significant interest income. But it’s got to come in a simple, straightforward manner, not with convoluted bankerspeak.
Read the full article from the American Banker.