The Millennial Migration

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c. 5 lifestyle services Millennials want from banks The top 5 services Millennials were the most positive about that banks could potentially offer are: 1) Discounts at relevant stores; 2) Checklists for tasks related to life events; 3) Recommendations based on customers like them; 4) Professional / expert reviews; and 5) Budgeting Tools or content. There is clear synergy between Millennials’ preference for these services and the functions they serve addressing the top 3 challenges with Millennials’ Life Moments that we identified earlier – Choices, Affordability, and Experience. Top 5 New Services with Highest Percentage of Millennials who said they are ‘Likely’ or ‘Very Likely’ to try it 57% 55% Discounts at Relevant Stores Checklists For Tasks Related To Life Moment 54% Recommendations Based On Customers Like Them 53% 52% Professional / Expert Reviews Budgeting Tools or Content Qn: How likely would you be to try the following services if your bank offered them to help you with this life moment? 14 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System
d. Breaking into Millennials’ digital space Banks do not currently figure into Millennials’ thought process when it comes to their life moments. Nor is the current digital banking experience they are providing Millennials up to mark. The younger the Millennial, the less satisfied they are with their digital banking experience Millennials are digitally savvy – the younger they are, the more so – and they live in a digital eco-system where other non-bank players are more prominent. Banks have stiff competition and high benchmarks to consider, which is why younger Millennials are less satisfied with their experience with digital banking than older Millennials. Banks need to demonstrate new capabilities and transform their relationships with younger Millennials in order to rise above the clutter and remain relevant. This is not an insurmountable task, having the twin advantages of still being regarded as important, as well as younger Millennials’ affinity with the digital space. The way to gain trust – which we define in this context as banks’ ability to meet Millennials’ needs for key life moments, rather than banks’ ability to store their money – is to provide timely digital services made absolutely relevant by the wealth of data held on that customer. Age 18 - 21 Age 22 - 25 Age 26 - 30 Age 31 - 45 Poor Excellent 37% rated 1 - 3 63% rated 4 - 5 20% 40% 60% 80% Poor Excellent 35% rated 1 - 3 65% rated 4 - 5 20% 40% 60% 80% Poor Excellent 33% rated 1 - 3 67% rated 4 - 5 20% 40% 60% 80% Poor Excellent 30% rated 1 - 3 70% rated 4 - 5 The younger the Millennial, the less satisfied they are with their digital banking experience. Banks have to look before they leap into the digital game because they only get one shot with Millennials. They are more digitally savvy and their standards are high, being familiar with other digital players who have set benchmarks. Banks need to consider how well they can design and deliver these products and services in this competitive environment. 20% 40% 60% 80% Qn: On a scale from 1 – 5, how would you rate your existing digital banking experiences? 15 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System
Page 1 and 2: The Millennial Migration: How Banks
Page 3 and 4: 1. Seize the Millennial Moment Mill
Page 5 and 6: 3. The Many Shades of Millennials W
Page 7 and 8: . Can banks capitalize on Millennia
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Page 11 and 12: 4. The Millennial Migration to Non-
Page 13 and 14: a. Integrating Life Moments and ban
Page 15: . A needs-based approach will win t
Page 19 and 20: . Make every customer experience fe
Page 21: About Oracle Oracle offers a compre

The Millennial Migration

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