Millennial Banking Technology Framework
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Transcript of Millennial Banking Technology Framework
The Millennial Banking
Technology Framework
Your guide to survival in the digital age
Mythili Madhav,
BFS Delivery Manager
Vishwas Anand,
Head of Thought Leadership
Hosted by :
2 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
Millennial Needs in the Digital Age
3 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
The shift in the financial industry cannot be understated. To illustrate:
of millennials would consider using a branchless experience
would be likely to bank with non-financial services companies
are interested in their bank providing tools and services
of millennials feel like their bank understands them.
39%
72%
67%
Only
32%
4 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
Feedback for New Fintech Products
Market feedback from clients
Millennials have a unique scenario
Paytm vs PayZapp
Offer social feedback but are silent sufferers to banks
5 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
Smartphone adoption among millennials is a major factor for banks
of millennials check their phone within the first 15 minutes of waking up
say they wish they could do banking and shopping on their smartphones
say it is very important for banks to have a high quality mobile app designed for smart devices
87%
85%
81%
Millennials want a solid mobile banking experience
6 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
The Millennial Banking Revolution is set to take the global banking industry by stormExperiences are necessary for Millennials, Banks are not!
Embrace the Millennial Banking Revolution Now!
THE
MILLENNIAL
BANKING
REVOLUTION
End-customer,
Client, Bank dataBANKING
INSTITUTION
TRADITIONAL
BANKING VALUE
CHAIN
Payment Providers
Service Partners
Aggregators BankingInstitution
Solution Partners
End-customer, Client, Bank data
MILLENNIAL
BANKING VALUE
CHAIN
7 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
The Millennial Banking Technology Framework
Accelerated Mobility
Mobile Apps Digital Payments IoT Integration
Amplified Social Connectivity
Self-service Portals DXM Channel Solutions
Contextualized Analytics
Conversational Advisors Personal Finance Dashboards Decision-Making Platforms
Solution Partners
Service Partners
AggregatorsPayment Providers
API Management
Ris
k M
anag
emen
t
Reg
ula
tory
Co
mp
lian
ce
MILLENNIALS
8 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
A story about a
Singaporean bank
revolutionizing millennial
engagements
9 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
According to Forbes, every 1 in 20 Singapore’s millennials is going to be a millionaire next year
10 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
The ever changing millennial clientele now demanded a 24x7 digital connect with the bank
11 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
RMs failed to create trusted relationships with their millennial customers in their online world
12 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
The first step to every partnership is trust, that’s when the convergence of disruption comes to life!
13 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
A solution that pulled millennial customers closer to their relationship managers
14 US | UK | SINGAPORE| BENELUX | ME | IND©1996-2017 Aspire Systems, Inc.
Thank You