Understanding millennials’ lifestyles, goals, and behaviors is crucial given their status as a key financial services market. In the last two decades, millennials have matured in terms of their size, economic strength, and socio-cultural influence but are distinct from the surrounding generations based on unique formative experiences such as world events and pronounced technological, economic, and social shifts.
Millennials constitute the most educated, most informed, and most interconnected generation in history. And while younger people have always had a stronger propensity to live in cities, millennials have emerged as the most urbanized cohort of young adults ever due to the broad socio-demographic trend of urban living in general. This has significant implications for earning power, social patterns, and the economic pressures they are subject to – none of which are unique to millennials but which are more pronounced or accentuated.
Millennials (and Generation Z) are more active banking customers overall, and are more likely to conduct common banking-related activities via digital channels than other surveyed age demographics. Arguably the strongest defining characteristic of millennials (given that they are rarely classified consistently from an age perspective) is that they are the first generational cohort to come of age in the digital era. This creates a distinct mindset and way of interacting with the world around them, but this does not necessarily mean they are drastically different human beings.
A reliance on digital is why millennials are credited with fundamentally disrupting the way business-to-consumer providers do commerce, irrespective of industry and geography. On the other hand, millennials are far from digital-only customers. Omni-channel is a way of life, meaning they seek a seamless customer experience from financial services providers across both physical and digital channels.
"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.
- Millennial are digital-first but not digital-only. They are high-touch customers looking for engagement across channels.
- Traditional strengths such as a good reputation in the market 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.