Targeting Millennials in Financial Services

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
Stash
Zuper

List of Figures

Figure 1: GlobalData’s demographics view millennials as born between 1983 and 1996

Figure 2: Millennials have come of age in the last 20 years to assume greater size, economic strength, and socio-cultural influence

Figure 3: Millennials are using the full spectrum of banking channels

Figure 4: Branch visits underpin the research undertaken by both millennials and the general market

Figure 5: Millennials are the core demographic for neobanks across the world

Figure 6: While ambivalent overall, millennials express a greater willingness to use digital-only banking than other generations

Figure 7: Like other generations, millennials value the importance of traditional criteria like familiarity and credibility

Figure 8: Millennials are more inclined towards companies with a proven track record

Figure 9: Millennials generally show a greater willingness to embrace new products

Figure 10: Higher expectations of immediate gratification are underpinned by heightened frustration with complexity and perceived time scarcity

Figure 11: Younger consumers admit to angst in the absence of their mobile phone

Figure 12: Millennials are driving mobile banking, especially in Western markets

Figure 13: A preference for mobile banking is notably more pronounced among Generation Z and millennials

Figure 14: A financial planner connected to the customer’s main bank remains the most used source when making investments

Figure 15: Millennials most commonly seek face-to-face interaction when securing investment assistance

Figure 16: Younger consumers are more likely to have used robo-advisors

Figure 17: GlobalData recommends focusing millennial targeting efforts around three key pillars

Figure 18: Brand positioning and purpose take on additional importance when targeting millennials

Figure 19: Toms rose to prominence by explicitly branding itself as a social enterprise

Figure 20: Bank of America’s Friends Again campaign tackled an awkward tension point for customers while effectively showcasing new capabilities

Figure 21: The emergence of digital-only banks like Xinja threatens to shake up the Australian banking sector

Figure 22: Up Bank combines a major bank partnership with non-bank innovation in design and user experience

Figure 23: UK neobanks like Atom and Monzo promise a more customer-centric approach

Figure 24: UOB’s TMRW symbolizes the changing banking landscape in Asian markets

Figure 25: Finn by Chase is a mobile-only bank designed by millennials for millennials

Figure 26: Marcus resonates due to its simplicity, the effectiveness of its marketing campaigns, and its market-leading rates

Figure 27: Alpha i promises to execute anytime, anywhere trades

Figure 28: Stash provides the convenience benefits that digital-native millennials are accustomed to

Figure 29: Fintech innovations like Zuper are honing in on ever-more specific issues

Figure 30: AR promotes a more interactive customer experience, delivering utility and entertainment value

Figure 31: TWE successfully elevated engagement via AR activation

Figure 32: Constantly evolving pack designs have propelled PepsiCo’s LIFEWTR brand

Figure 33: FRANK by OCBC highlights the merits of a millennial-specific sub-brand

Figure 34: StashLearn insight ranges from home ownership to retirement

Figure 35: Sephora’s Beauty Insider Community taps into millennials’ trust in peer-generated endorsements

Figure 36: Gamification can help millennials learn about investing and keep them engaged with their portfolio

Figure 37: Kasikornbank’s Kelly Monthly Rescue provided access to a range of perks and demonstrated strong customer empathy

Figure 38: Markets covered in the 2018 Retail Banking Insight Survey