The Millennial Migration

a. Integrating Life Moments and banking
Millennials are, at best, lukewarm regarding the current ability of banks to help them in
their Life Moments, with less than 10% of them seeing their bank as helping to support
their lifestyle.
A silver lining is that Millennials, especially Grey Millennials, are ready to interact and
engage with banks in new ways. Banks are their third most trusted source for
information and advice when making decisions related to Life Moments, compared to
their social network of family / friends, as well as search engines – a finding more
pronounced in older Millennials than younger ones. Millennials would, however, rather
turn to banks than media outlets, non-bank payment providers and retailers.
Ranking of Sources when Making Decisions by
preference
1
2
3
4
Young Millennials (Age 18 – 21) Middle Millennials (Age 22 – 25)
Family / Friends
Search Engines
Social Networks
Banks
1
2
3
4
Search Engines
Family / Friends
Social Networks
Banks
5
Media Outlets
5
Media Outlets
There is a huge opportunity for banks to move up the
ranks through the twin principles of transparency and
simplicity.
6
Non-Bank Payment Providers
6
Non-Bank Payment Providers
7
Retailers
7
Retailers
Mature Millennials (Age 26 – 30) Grey Millennials (Age 31 – 45)
SCARLETT SIEBER
1
Search Engines
1
Family / Friends
2
Family / Friends
2
Search Engines
3
Social Networks
3
Banks
4
Banks
4
Media Outlets
5
Non-Bank Payment Providers
5
Social Networks
6
Media Outlets
6
Non-Bank Payment Providers
7
Retailers
7
Retailers
Qn: Whom would you like to help you prepare for or make decisions related to the selected life
moment?
11 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System