The Millennial Migration

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c. Millennials are beginning to adopt Non-Bank Transaction Modes While traditional payment methods are still the primary platforms for transactions, Millennials are increasingly showing affinity towards non-bank alternatives. Currently, the most frequently used payment modes are cash, bank cards and online banking, which registered significantly higher usage (79%, 76%, and 71% respectively) than non-bank alternatives such as alternative payment providers (like PayPal) or mobile wallets. Mature Millennials (Age 26 - 30) are most likely to have used non-bank options than any other age group Highest percentage of respondents who have used non-bank options Yet we also found that non-bank options are gaining greater traction with Millennials, where the older the Millennial, the higher the likelihood of trying an alternative payment method, with these alternatives being most popular amongst Mature Millennials. While traditional payment methods are still primarily in use, non-bank options are gaining traction amongst Mature Millennials, who are most willing to consider alternatives. Close to 70% of the Indian Internet population are Millennials, who are driving the mobile wallet adoption in India estimated at US$2.2 billion in 2015. The mobile payments market in China is estimated to be over US$180 billion. The average age of Yu’e Bao’s (Alipay’s investment platform) nearly 50 million users 49% Age 31 - 45 26% Age 26 - 30 18% Age 26 - 30 7% Age 26 - 30 is currently 28. AMIT GOEL Alternative Payment Providers (e.g. Paypal) Mobile Wallet Mobile Money Peer-to-Peer Payment Platforms (e.g. Venmo) Qn: Which of the following methods have you used in the last 6 months to make a financial transaction? 6 The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System
d. Young and Mature Millennials together wield the biggest influence In particular, Mature Millennials are more likely to use mobile wallet and mobile money, while Young Millennials prefer peer-to-peer payment platforms and alternative payment providers. Together, Young and Mature Millennials being increasingly open to non-traditional modes of payment and maintaining substantial buying power represents a large financial opportunity for banks to offer and monetize new payment products and services for these groups. Young Millennials (Age 18 – 21) have the highest preference for Alternative Payment Providers and Peer-to-Peer Payment while Mature Millennials (Age 26 – 30) have the highest preference for Mobile Wallet and Mobile Money Percentage of Millennials (Age 18 – 45) who prefer non-bank options against Non-Millennials (Age 46 & above) 40% Age 18 - 45 36% Age 46+ 19% Age 18 - 45 7% Age 46+ 11% Age 18 - 45 4% Age 46+ 4% Age 18 - 45 1% Age 46+ Alternative Payment Providers (e.g. Paypal) Mobile Wallet Mobile Money Peer-to-Peer Payment Platforms (e.g. Venmo) Qn: Which of the following is your preferred transaction mode? Select the top 3. 7 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: . Can banks capitalize on Millennia
Page 11 and 12: 4. The Millennial Migration to Non-
Page 13 and 14: a. Integrating Life Moments and ban
Page 15 and 16: . A needs-based approach will win t
Page 17 and 18: d. Breaking into Millennials’ dig
Page 19 and 20: . Make every customer experience fe
Page 21: About Oracle Oracle offers a compre

The Millennial Migration

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