Millennials are a generational cohort that is rapidly maturing in terms of their economic power. They now outnumber Baby Boomers and represent the biggest challenge- and growth potential for banks today.
As customers, Gen Y’s relationships with banks and how they choose to do banking has been truly enigmatic to most. Millennials are currently one of the hottest topics of conversation in countless trade journals, news articles, workshops and retail banking conferences. And banks are furiously engaged in the task of decoding their perplexing financial habits and interactions in their attempt to identify the best ways to market to this young tranche of customers.
There are also a lot of stereotypes and contradictory sets of data around this population segment. It’s no surprise that they remain a largely misunderstood consumer segment even today. Some view Millennials as intrinsically different humans from all who came before them, and suggest that entirely new strategies must be devised to address their unprecedented levels of entitlement and laziness. But, the bottom line is: They simply want their banking needs met, no matter when and where they want to engage.
This video on “5 Things You Need to Know About Millennial Banking Customers”, the fourth in our MB (Millennial Banking) Flix series, continues our exploration of the key generational differences of this emerging superclass to help banks remain competitive. It abandons all stereotypes and highlights the key long-term behavioral patterns, as well as emerging trends about what Gen Y wants from their banking experience. No enigma there!