What do Millennials want from banks in a disruptive world? What do banks and other traditional lenders need to focus on in order to win their business and loyalty?
Not only are Millennials the fastest-growing segment of the population, they will also make up the majority of the global workforce by 2020. And banks are going to have to work hard to gain their business.
That’s because the fundamental assumption that banks are the only avenue for financial transactions is now being called to question by this generation of digital-natives. 73% of Millennials say they would be more excited about a new offering in financial services from the likes of Google, Amazon, Apple, PayPal, or Square than from their own traditional bank, according to the Millennial Disruption Index.
Not surprisingly, this customer segment is posing one of the biggest challenges for banks today, but for those that can meet the challenge, it could also represent the greatest opportunity for growth.
For banks to meet the banking needs of Millennials, they need to walk a tightrope: Evolve with the digitally driven demands of these young adults, yet remain a trusted partner that goes the extra mile to deliver genuine value.
Check out this article written by Srini Peyyalamitta, VP, Banking & Financial Services, for insights on how banks can successfully cater to this market and gain lifelong, valuable customers. The Millennial Banking Recipe: 3 Key Ways To Meet The Banking Needs of Millennials