Winning over millennials with new-age financial services

Dec 08, 2018

Over the last few years, the financial services industry has seen a sharp rise in app-based and alternative methods of financial interaction. A third of the participants in the Millennial Disruption Index survey believe that they would not need a bank at all in the future – at least not in its present format.

So, what has changed? And how should traditional financial institutions change themselves to partner this young cohort?

To begin with, traditional financial institutions should understand the mindset of the generation and the ways in which they differ from their predecessors:

In order to partner with millennials from their first jobs to their first homes and beyond, financial institutions should plan their offerings keeping in mind the priorities and usage preferences of the target group. To successfully do so, traditional financial institutions will need to disrupt their approach to business – overhauling operational practices, IT policies and the employee mindset. In order to partner with the millennial generation more effectively, their services should be moulded to address the following objectives:

Overall, millennial customers seek to better understand the long-term impact of their financial decisions and feel the need for more personalized tools to guide them through the process. Using technology to their advantage, financial services providers should build customer-intelligence led operating models. By employing tools such as next-generation data architecture and advanced analytics, banks can meet their customer expectations at the right moment and on a customer preferred endpoint.

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