By staff writer

January 2019

For the last few years millennials have been accused of “killing” products and industries — everything from Applebee’s to starter homes. Of course, millennials are not the sole cause of the downward trend in purchasing homes and breakfast cereals; rather, they are simply spending their money differently than their parents and grandparents did before them.

With this in mind, our team at Invest: Philadelphia sat down with local industry leaders to look into what effect millennials have had on the city’s, and the country’s, banking and finance industry. Here’s what they had to say:

The world has changed so much for individual investors. People are living much longer than ever before, and the cost of basicneeds like education and healthcare are at an all-time high. We have also seen a shift in financial planning responsibility from institutions to individuals. More and more people, especially younger generations, are looking for ways to secure their futures financially, and we are helping them do that by accessing alternative forms of investments.”

Steve DeAngelis, President, FS Investment Solutions

“Digital connectivity is important right now. With more millennials in the market than ever before who are used to seamless digital experiences, offerings need to be simple, and it needs to be easy to open an account. We have found success customizing our products for the different demographics we serve, like the student loan refinancing program. We provide a number of services online, like wealth management.”

Dan Fitzpatrick, President, Citizens Bank, Mid-Atlantic Region Head of National Industry Verticals, Citizens Bank

“We build long-term relationships with clients through high-touch and high-tech solutions that help establish life plans and stay on track. While the perception is that millennials and the younger populations are savvy with digital products, we think that is true of the more mature generations, too. It is our aim to offer banking how, where and when our clients want it.”

James Dever, Philadelphia Market President, Bank of America

For more information on our interviewees, visit their websites:

FS Investment Solutions: https://www.fsinvestments.com/support/articles/FS-Investment-Solutions

Citizens Bank: https://www.citizensbank.com/HomePage.aspx

Bank of America: https://www.bankofamerica.com/