Targeting Millennials in Financial Services
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"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.
– 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.
Bank of America
Table of Contents
Table of Contents
1. EXECUTIVE SUMMARY
1.1. Banks must tailor their offerings with millennials in mind
1.2. Key findings
1.3. Critical success factors
2. MILLENNIALS ARE A KEY AUDIENCE FOR RETAIL BANKING
2.1. Defining the demographic opportunity as a cohort
2.1.1. Millennials were born between 1983 and 1996
2.1.2. Millennials have emerged as the largest living generation in many (but not all) nations
2.1.3. Millennials are highly urbanized and a more diverse generation than their predecessors
3. MILLENNIAL ATTITUDES AND ACTIONS WARRANT SPECIAL FOCUS
3.1. Millennials’ digital focus should not preclude engagement via other channels
3.1.1. A digital strategy is key – but not to the exclusion of other channels
3.1.2. Millennials are omni-channel customers who drive industry change
3.1.3. Millennials are high-touch customers who embrace both traditional and emerging retail banking channels
3.1.4. An established reputation and branch presence remain important to millennials
3.1.5. Millennials express a greater willingness to embrace digital-only banking
3.1.6. Ease, simplicity, and mobile phone dependency are all common themes for millennials
3.1.7. Mobile banking is particularly pronounced in Australia, New Zealand, the UK, and the US
3.1.8. Mobile-dependent millennials show a strong preference for checking balances, transferring money, and making payments via mobile
3.1.9. Millennials still rely on banks and traditional communication methods when making investments
3.1.10. Millennials appreciate rewards – especially if they are personalized
4. BEST PRACTICE FOR TARGETING MILLENNIALS
4.1. Cultivate a meaningful purpose to underpin your business
4.1.1. Make financial brands an authentic champion of something target customers care about
4.1.2. Sustain and nurture purpose-led brands like any other
4.2. Utilize digital innovation to elevate the user experience and engagement
4.2.1. Streamline investment and banking processes with digital-forward offerings
4.2.2. Pure digital banking is not confined to just millennials, but they are shaping it
4.2.3. Providers should embrace AR for both utility and entertainment
4.3. Create multi-channel content that matters
4.3.1. Create and curate educational content around specific milestones
4.3.2. Reward loyalty with unique experiences and exclusive access
5.1. Abbreviations and acronyms
5.2.1. GlobalData’s Retail Banking Insight Survey
5.3. Secondary sources
5.4. Further reading
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