It is no secret that Millennials are rejecting the typical banking and brokerage experience. Following the financial crash, people of all ages have struggled to regain trust in financial institutions. As such, individuals are turning to fintech startups and online banking platforms, as relationship-based experiences are decreasing in popularity. A recent Scratch survey found that one in three Millennials is open to switching banks in the next 90 days—a shockingly high percentage. Capital One is determined to change the status quo.
In an effort to target coffee-loving Millennials who many not feel comfortable talking about finances in a typical brick and mortar branch, Capital One launched Capital One Cafés in 2015. The cafés aim to simplify and de-stress the banking process. Resembling a typical coffee shop, people of all ages can grab a coffee, access free Wi-Fi, hang with friends or colleagues and most importantly, learn about their finances. Each café boasts educational programs as well as money coaches that can create financial plans, establish goals and demonstrate the firm’s suite of digital and financial tools.
Capital One Café
To continue the conversation, Capital One launched the Banking Reimagined Tour in early 2017. Visiting ten cities across the U.S., the bus tour featured selfie stations, virtual reality experiences and touch screens. Visitors could ask about financial goals and create strategies in a low-pressure and fun way. Ultimately, Capital One is surpassing many competitors by demonstrating a clear desire to relate to its customers and provide them with transparent financial advice.
Banking Reimagined Tour Bus