View
179
Download
5
Category
Preview:
Citation preview
Here Is Your New Customer.
Digitization is Here.Happening faster than the internet.
Exponential technology advances.
Greater consumer power = Greater Competition.
All industries face commoditization.
The winners will act now and recognize and develop new strategies for the new customer.
Why Millennials?They are the largest generation in US history
~92 million
Fastest growing demographic in the world.
Due to this, they will be a large force behind the transformation and disruption of the banking industry.
Their unique habits and preferences will be responsible for reshaping the global economy in the coming years.
Why Millennials?If as a corporation or startup you are ignoring
this group, you need a new strategy.
A massive area of growth for any company of any size.
Companies who successfully unlock the keys to the habits of millennials will reap major profits.
Millennials Hate Traditional Banking
The Millennial Disruption Index clearly shows what millennials think of banks….and it’s not pretty.
This is the time of Fintech.
Innovative companies have stepped in to fill the gaps.
Banks and financial services are being disrupted.
Who Are They?Goldman Sachs Report
The first digital natives.Millennials have grown up in an “always on”
world.
Internet and smartphones.
IM/Chat
Video Games
Streaming TV/Music
Social and Connected
Less Money to Spend
Large Amounts of Debt
Use Technology DifferentlyEspecially financial technology. People who carry
huge debt loads and make and save less money, can’t get traditional loans and have poor credit ratings.
Don’t have the same access to capital markets as generations past.
Own houses less, rent more, marry later, or stay single.
Millennials surpass Gen X as largest component of labor force
Spawned the “sharing economy”
They want access, not ownership.
Own less cars, music and luxury goods.
Services that provide access to products but not ownership.
AirBnB, Uber, Spotify, etc.
The sharing economy has now reached FinTech.
Millennial Consumer Habits Study
Elite Daily Study
Companies that want to tap into the largest generation should understand these habits.
Make it part of customer acquisition strategy.
Findings1. They aren’t influenced by advertising.
2. They don’t want to own houses or cars.
3. They review blogs before making a purchase.
4. They value authenticity over content.
5. Their future inheritances won’t change their buying behavior.
FindingsThey want to engage with brands on social
networks.
They want to co-create products with companies.
They are using multiple tech devices.
They are brand loyal.
They expect brands to give back to society.
Millennial Expectations
What to focus on.
ExpectationsCollaborative, networked learning – average user spends
55 minutes per day on Facebook
Fast, easy & fun communication- 15 + hours per week on web
Visible peer recommendations in decision-making: 80% of consumers believe peer recommendations, but only 14% trust advertisements
Immediate feedback: 34% of bloggers post opinions about products and brands
Environmentally aware: 96% of Generation Y want an environmentally aware workplace
The Rise of the ProsumerA Prosumer is a term used for a consumer who is
unusually interested in products/services of a brand.
Prosumers will dedicate their spare time to upload reviews and comments and respond to other reviews and comments about the product.
Some prosumers will record YouTube videos to help other users with technical serviceissues of a particular product.
These individuals can be very useful sources of product development ideas, or can be incentivised as a low cost provider of technical service to other consumers.
Responding to the ProsumerMany companies are already developing
responses to the challenge of digital by moving from a transactional to an ‘interactional’ relationship with their customers.
They are inviting their customers to become part of the R&D process, the design process and the go-to-market.
Growth Is Everyone’s Job!
Think Like a Startup
What Do Millennials Want?High Transparency
Privacy
Low Fees
Speed
Less Personal Interaction
Access to global capital markets
What’s This Look Like?A clear view of unmet customers needs.
The ability to create a great digital customer experience.
The use of a startup model.
Build Customer CommunitiesThe ambition of service teams should not stop at
answering questions and resolving issues.
The objective should focus on building thriving customer communities both in the online and real world.
The Omni Channel ApproachCustomer service provides convenience and
accessibility for customers to interact over the channels that they want to use .
The entire company is a stakeholder: UX, Marketing, Business Development, C-Levels & Customer Service.
Give all stakeholders – including your customers –the chance to see, touch and use the new touchpoint so they can provide feedback.
Bring the user experience to life!
Understand the Entire Customer Journey
Customer personas
Create customer stages: step by step experience for a customer
Know your customer goals
Pain Points
What Happens When They Leave You.
Competition Is Everywhere
As of May 1, 2015According to AngelList:
1,770 payments startups1,055 mobile payment startups119 P2P money transfer startups
Hypothetical Banking Future
No Real Strategy in Place For Digital and Innovation
Ignore At Your PerilCorporations and startups that ignore the wants,
needs and habits of the millennials will be left in the dust.
This is the largest generation in history and their impact on the global economy is going to be huge.
This is the giant fintech opportunity.
A New Kind Of Consumer Means A New Way of Doing Business
Recommended