Banks adopt greater flexibility to appeal to younger consumers
Implications - Banks and financial institutions are trying to better serve the Millennial consumer by offering greater flexibility and customization. The economic climate has forced Millennials to make financial goals that differ vastly from those of previous generations. Understanding what these new goals are, and how they are shaped by a growing peer-to-peer economy, is important when it comes to crafting services that are targeted and relevant for this new consumer base.
Workshop Question - In the context of the peer-to-peer economy, what are ways in which your brand can address consumers' goals?
Trend Themes
1. Consumer Customization - Financial institutions are offering greater flexibility and customization to better serve the Millennial consumer, which opens the door for personalized financial management apps and specialized customer service.
2. Lifestyle-focused Banking - Banks are shifting towards an app-based service model that encompasses overall lifestyle support, enabling clients to view their expenditures, connect banking services to day-to-day needs, and receive personalized financial advice.
3. Millennial Banking Models - Tech-savvy and user-friendly banking platforms like Zag Bank have emerged to offer younger clients simple, transparent and convenient banking services based on their preferences, which could lead to more cooperative banking systems.
Industry Implications
1. Financial Technology - Financial technology advancements will open doors to personalized financial management apps, and improved mobile banking services which could increase customer engagement and satisfaction.
2. Banking and Finance - Banking and finance industries will benefit from providing their clients more lifestyle-focused banking services, which might increase activity on the banks’ accounts, help form stronger customer relationships, and increase customer interaction.
3. Customer Service - Financial institutions could benefit from improved customer service through more extensive personalization, as well as the use of AI-powered chatbots and a shift to mobile app banking, which may lead to cost savings.
4 Featured, 35 Examples:
80,170 Total Clicks
Date Range:
Sep 15 — Sep 18
Trending:
Warm
Consumer Insight Topics:
