On the very first day of February, the Millennial Banking Day will be celebrated with a series of webinars starring well-renowned fintech experts who will discuss millennial engagement strategies on topics ranging from Blockchain, User Experience to DevOps and many more – everything that is needed to achieve millennial satisfaction in today’s rich and dynamic Banking ecosystem.

The fundamental assumption that banks are the sole avenue for financial transactions is being called to question by Gen Y, which is by far the most demanding, tech-hungry generation ever. Big banks need to understand their habits and attitudes well if they want to attract or retain them as customers.  If they don’t, they may lose business to FinTechs and smaller banks who are willing to take full advantage of the innovation gap.

The key questions that banks are often grappling with are:

How are millennials different from other generations? Are there clearly identified, unique traits inherent in this generation that will have a substantive impact on banking? And what key things should banks consider in order to offer a level of service that meets the expectations of the younger generation?.

For the first two questions, the simple as well as the complex answer is yes.  While the uniqueness of every generation has been oversold at different points in history, there has perhaps never been a more considerable gap between two consecutive generations. This gap is due to the fact that they are the first generation in history to be raised in a digitally saturated world. Of course, to succeed, keeping perspective is vital. As consumers, millennials might share quite a few behavioral similarities with Gen X and Baby Boomers, as summed up in this tweet by author Daniel H. Pink:

daniel-pink-tweet

It is for banks to see what the similarities are, where the differences lie and sort out the signal from the din. This is vital if banks are to create an effective millennial strategy and offer a level of service that meets the expectations of this key demographic, to answer the third question.

With the help of our webinar series on Millennial Banking Day, we aim to highlight the key trends and priorities that banks need to embrace in order to bridge the impending innovation gap and provide a truly differentiated banking experience to the millennial audience.To know more about the series & registration Click here

 

Krittika Banerjee

Krittika Banerjee

Research Analyst at Aspire Systems
Fond of exploring contemporary technical and digital innovations, Krittika is always updated with what is new on this front. She writes about innovation and latest technology trends in various sectors.
Krittika Banerjee