SME Finance Forum member, Strands, shares why millennials are important in banking.
In America, there are currently more than 80 million millennials, the oldest of which will turn 36 this year, and they are expected to generate 46% of all U.S. income by 2025. Apart from being powerful in numbers, they are the first completely digital generation. This digitalization has dominated the way they interact in general, both with people and information.
The Millennial’s upbringing revolved around sharing and receiving information from others through digital channels. Now, what had originally seemed distant for previous generations is firmly within everyone’s reach, bringing the world, quite literally, to our fingertips.
Banks need to understand what differentiates them from the competition, hone in on that and eliminate friction between end-users. It’s not about millennials; it is about making the essence of your business grow at the same rate as people evolve.
