Targeting Millennials in Financial Services

Targeting Millennials in Financial Services", report explores the attitudes and behaviors millennials have with regards to their financial services, using our extensive surveying of consumers in 20 key banking markets around the world. It identifies those aspects of the customer experience that financial services providers need to address to effectively engage with millennials and highlights successful providers, products, services, and campaigns. Best practice examples and studies presented are drawn from around the world and across the economy, encompassing banks, insurers, investment managers, consumer brands, and retailers.

 

In the last two decades, millennials have matured in terms of their size, economic strength, and socio-cultural influence. Banks need to adapt their propositions to the preferences and behaviors of the new dominant cohort, covering everything from marketing, channels of acquisition, channels of service, and product design. This report reviews the key points banks need to address, with best practice examples from across the financial services industry and other markets.

 

Scope

- Millennials are digital-first but not digital-only. They are high-touch customers looking for engagement across channels.

 

- Traditional strengths such as a good reputation and a branch network are still important to millennials.

 

- Millennials value speed, simplicity, and ease of use in a bank. Their tolerance for friction in their life is lower and their lack of financial knowledge makes them more anxious about their finances.

 

- Personalized or tailored services and rewards are valued by millennials.

 

Reasons to buy

- Gain insight into relevant millennial attitudes and behaviors.

 

- Gain insight into the components of a successful millennial outreach program.

 

- Review successful case studies of millennial engagement from leading brands.

 

Companies mentioned

Alley Financial

 

Visa

 

Mastercard

 

CBA

 

OCBC

 

Kasikornbank

 

Up Bank

 

Xinja

 

Marcus

 

Goldman Sachs

 

Atom bank

 

Monzo Starling

 

Bank of America

 

Zelle

 

UOB

 

TMRW

 

Finn

 

Chase ...