The way financial institutions transact and communicate with borrowers has evolved, due in large part to changes in technology and a shifting consumer mindset. Likewise, as your customer base shifts to a larger number of Gen Y—or Millennials, as they're often referred—traditional forms of communication will likely fall on deaf ears. According to Entrepreneur, 85% of Millennials in the U.S. own a smartphone, so one can conclude that the best way to reach and market to this demographic is digitally and electronically.
And, it's not just Millennials. The fact of the matter is, all age groups are busier than ever with more demanding work, personal, and social schedules. According to Gallup, American adults that are employed full time work an average of 47 hours per week. For better or for worse, busier schedules and advanced technology has shifted the way that Americans communicate and interact—with each other and with businesses.