The Millennial Migration
The-Millennial-Migration-report
The-Millennial-Migration-report
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. Make every customer experience feel personal<br />
To stand out from the clutter, banks need to build emotional engagement with their<br />
customers. By making sense of customer data available to them, they can provide<br />
customers with personalized, relevant, and contextual solutions to fit their current lifestyle<br />
needs. Banks also need to take a holistic view of how their multiple products and services<br />
can work together instead of existing in silos, creating a seamless experience for<br />
<strong>Millennial</strong>s who may have multiple accounts, relationship managers and lifestyle needs.<br />
<strong>The</strong>se efforts would make every customer believe his digital journey is a carefully curated<br />
experience.<br />
c. Look out for Partnerships<br />
With the focus less on banks and more on banking,<br />
banks should find the right partners and the right<br />
engagement models, be it investments, client-vendor,<br />
a JV or any other such relationships, to remain<br />
relevant. <strong>The</strong>y can collaborate with FinTech<br />
companies to deliver a better user experience, which<br />
we are already seeing with some banks. BBVA<br />
launched a robo-advisor product in the market with<br />
FutureAdvisor and DBS Bank recently launched a<br />
mobile-only bank in India and used tech from Kasisto<br />
(AI) for the virtual assistance.<br />
AMIT GOEL<br />
Banks can tap insights from their customer data to identify other brands making an impact<br />
in the same space that they want to be in to. This should serve as a basis for potential<br />
partnerships in offering new solutions. With this foundation, banks can create services that<br />
enhance, rather than compete with, the services that customers use and love. By<br />
associating a bank’s brand with these beloved companies, and by providing novel value,<br />
banks tap external brand associations that reposition themselves as a lifestyle-enabler.<br />
Partnerships are key and associating with brands<br />
<strong>Millennial</strong>s already know and love will provide them<br />
with the best of both worlds - trust and solid<br />
foundation. Now, more than ever, collaboration is key.<br />
SCARLETT SIEBER<br />
17 <strong>The</strong> <strong>Millennial</strong> <strong>Migration</strong>: How Banks Can Remain Relevant In <strong>The</strong>ir Decision-Making Eco-System
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