Capital One has spent the last two years reclaiming its personal connection with the tech-savvy generation. After considerable investment in on-line and mobile banking to compete in the fintech arena, Capital One is taking a new approach to build relationships with its young clients through approachable money coaches. These friendly ‘ambassadors’ are conveniently located at their growing network of Capital One Cafes. Located in California, Colorado, Florida, Illinois, Minnesota, Pennsylvania, Texas, Virginia and Washington, 29 coffee shops feature Peet’s Coffee and locally baked pastries, open work space, ATMs and financial support for all on-line banking needs. Patrons using their Capital One credit card, receive half price coffee, which is a win, as competition for the Millennial with perk laden credit cards is another battle to be won. They are re-imagining the banking experience for a generation that hasn’t connected with the traditional branch experience of their parents.
If you haven’t experienced a Capital One Cafe in your area, take a moment to watch this video as it may stir up ideas for re-imagining your own business model.
Perhaps we view this as a cautionary tale in light of the parallels between the mobile advances in fintech and insurtech, and seek to maintain that connection. Capital One believes loyalty is built through personal connection, (and I believe insurance needs to be explained by a person.) Inventing new ways to connect with prospects and clients to build loyalty while mobile applications vie for their attention, may require re-imagining your way of doing business. You might consider sponsoring a trivia night at the local brewery, becoming the MC at an open mic night or partnering with your favorite coffee shop for a few hours a week.
What’s Ahead?
The first of the Z Generation graduate from high school this spring, with a profile all their own. For those of you interested in looking ahead, (or seeking to understand your own kids a little better), I refer you to a new report on Research & Trends, Generation Z: The Kids Are All Right. This report, by Rodden, details the financial and technical preferences of these young folk, offering interesting insights into the largest generation to come.
Our goal will be to keep you posted on all of the research and trends regarding these youngins in the years to come!
As always, happy reading!
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