The Millennial Migration

Millennials are also willing to explore new products and services by their banks aimed at a
broader set of lifestyle and financial needs. 51% are likely or very likely to try new services
offered by their bank, and a further 28% are neutral.
51% said they are ‘Likely’ or ‘Very Likely’ to try new services
related to life moments
When asked if they would be receptive to banks offering ways to help them prepare for
Life Moments, the answer was a resounding ‘Yes’.
60%
However, the bad news is the propensity to engage with these new types of services
decreases with the younger Millennials. Young Millennials are the least receptive to new
services offered by their banks, having grown up in an environment where the
decision-making eco-system is more fiercely competitive than that of Mature Millennials.
50%
Millennials currently do not see their bank as
lifestyle-enabling, but are resoundingly open to banks
offering new ways to help them prepare for Life Moments.
Banks have to move swiftly before the opportunity is lost.
40%
Millennials may be willing to try new services, but
they have equally high expectations and are less
forgiving of poor execution and user experience.
Banks need to provide a customer experience of a
higher level than what they are delivering now.
DAVID M. BREAR
0%
Age 31 - 45 Age 26 - 30 Age 22 - 25 Age 18 - 21
Percentage of Respondents who said they are 'Likely' or 'Very Likely' to try new services by
their bank
12 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System