For the past several years, a hot topic in banking circles has been centered on Millennials. More specifically, the talk has been how to tailor banking solutions to meet the needs of the next up and coming generation. Born between 1980 and 2000, Millennials are the largest generation in American history. As a Millennial myself, I can attest to the fact that being born in the early 80’s, as I was, is much different than being born in the late 90’s. That being said, if there’s one thing that’s shaped this generation as a whole, it’s technology. Technology has touched just about everything in the lives of a Millennial, most of whom don’t remember life without access to the internet. Over this same time period, banking has evolved tremendously along with technology. Technology has driven customers away from bank branches and to ATM’s, computers, mobile devices, and third party payment systems such as PayPal.

There’s no question, Millennials are changing the way banks do business. Many so called industry experts will say that Millennials only want digital solutions to manage their money - not traditional methods such as meeting with a Banker. I’m not completely sold on this idea. Although the role of a Banker is changing, my Millennial customers still see value in face-to-face contact and personalized advice, particularly as it relates to more involved needs, such as financing their first home, or planning for retirement. Even with the growth of technology, I believe that the “Banker” will continue to play an important role in the branch.

Although technology has made banking mobile and increasingly more convenient, customers can still find value in a local, personal relationship and great face-to-face customer service. Having a point of contact during financial milestones and challenging times can make all the difference in the world. With the endless information that can be accessed online, Millennials have questions like everyone else, especially with so much content to sort through. Having a Banker as their go-to for answers is priceless. With a generation so consumed in technology, our services and offerings need to be transparent and straight-forward in order to get Millennials to feel comfortable and confident with banking. Customer service is something that never goes out of style, and here at Rhinebeck Bank our goal is to always provide our customers, Millennials included, the most pleasurable banking experience we can possibly give.


Mark Malone

VP, Area Sales Leader

Mark Malone - Headshot