Financial Services Executive Lunch: Finding The Missing Millennials
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Transcript of Financial Services Executive Lunch: Finding The Missing Millennials
FINDINGTHE MISSING MILLENNIALS
Financial Services Executive Roundtable
2
WE’VE TRIED…
Mobile Apps
Loyalty Programs Webinars Financial
EducationFinancial Planners
Social Media
Life StageMarketing
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THE TRUTH ABOUT MOBILE APPS
Yes, 90% of Australia mobile TIME is spent on apps,
90%
but TIME is limited to ONLY 3 – 5 APPS, that are not financial. Financial app time is
TRANSACTIONAL, not relational
Refs: smartinsights.com; rba.gov.au
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YOU ARE HEREwith LOTS of
others
Facebook 19%Messaging/Social 12%
YouTube 3%
Entertainment 17%
Gaming 15%
Utilities 8%
Others 10%
Productivity 2%
Safari 6%
Chrome 4%
News 2%
AUSTRALIAN’S MOBILE
TIME
WHEN IT COMES TO MONEY, TIME MATTERS
Sources: Comscore, Pandora, Facebook, Flurry Analytics, NetMarketShare
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Need more FinancialEducation
Better Tools
Needed
Fees, cost
Like to Do it
Myself
Not Enough Money
Fear
Apathy
Entitlement
Superannuation
Immediate Gratification
Marry Later, Living
With parents
Trust
Reasons we’ve heard why Millennials aren’t engaged with FS
providers…
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“I don’t want to put all this work into actually managing my
money,” says Cristina Cordova,
26-years-old
Sources: “The Recession Generation: How Millennials Are Changing Money Management Forever,” Forbes, 30 July 2014“Millennials and Money Worries,” Fidelity, 2014
“Now ‘me’ wants to have fun,” says Adam, 26-years-old
Photo: Getty Images
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MILLENNIALSTime should not be spent on money
“Millennials want very little – if any – part of the financial services industry.” www.benefitspro.com/
“Millennials don‘t want their lives to revolve around money.”www.pbig.ml.com
“71% would rather go to the dentist than to listen to what a bank is saying.”Sorry Banks, Millennials Hate You, Fast Company 2013
“80% of people don’t do budgeting.”bankinnovation.net/
“Why so few consumers use this [PFM] tool is that so few are engaged or active in the management of their financial life.”bankinnovation.net/
“70% of customers don’t want a relationship with their financial institution, with half feeling strongly about it.”BAI
Nielson Global Survey of Investment Attitudes,
Only 16% of Australians use a
FINANCIAL PLANNER;
5% of Millennials*
Australia has the highest SELF-
DEPENDENCY 57%
in a Nielsen global study of 68
countries
*www.cmawebline.org
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“According to a new study by Eventbrite, 69 percent of millennials experience FOMO [Fear of Missing Out] when they can't attend something
that their family or friends are going to. For millennials, FOMO is not just a cultural
phenomenon, it's an epidemic."
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Where they spend
their
TIME
Is where they spend their
MONEY
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CASE STUDY 1Where Millennials like to spend their time…
with other PEOPLE
Is that a bank, or a café?
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CASE STUDY 2
ENTREPRENEURSHIPCO-CREATION
PRODUCT DEVELOPMENT44.2%
Half-year net profit increase
55,000Pizza creators
Continually changing, like them
50%+ Digital orders up from 30%
$40,000Highest customer earning
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CASE STUDY 3Apps for what Millennials
like to do:
SEE/TOUCH/KNOW WHAT’S NEW, SOCIALISE,
not BANK
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ENGAGING MISSING MILLENNIALS
Stay unique, change often. What differentiates you from non-FS brand leaders?
Create core products delivering their passions where they spend time; invite them to co-create
Connect them face-to-face
Think big, start small, move fast
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LET’S TALKPhoto: Getty Images
Babs Ryan Norman Stellino