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FINDING
THE MISSING
MILLENNIALS
Financial Services Executive
Roundtable
2
WE’VE TRIED…
Mobile
Apps
Loyalty
Programs
Webinars
Financial
Education
Financial
Planners
Social
Media
Life Stage
Market...
3
THE TRUTH ABOUT MOBILE APPS
Yes, 90% of Australia mobile TIME is spent on apps,
90%
but TIME is limited to ONLY 3 – 5 AP...
4
YOU
ARE HERE
with LOTS of
others
Facebook 19%
Messaging/Social 12%
YouTube 3%
Entertainment 17%
Gaming 15%
Utilities 8%
...
5
Need more
Financial
Education
Better
Tools
Needed
Fees, cost
Like to Do
it
Myself
Not
Enough
Money
Fear
Apathy
Entitleme...
6
“I don’t want to put all this work into
actually managing my money,”
says Cristina Cordova,
26-years-old
Sources: “The R...
7
MILLENNIALS
Time should not be spent on money
“Millennials want very little – if any – part of
the financial services in...
Nielson Global Survey of Investment Attitudes,
Only 16% of
Australians use a
FINANCIAL
PLANNER;
5% of
Millennials*
Austral...
9
“According to a new study by Eventbrite, 69 percent of
millennials experience FOMO [Fear of Missing Out] when
they can't...
10
Where they spend
their
TIME
Is where they spend their
MONEY
11
CASE STUDY 1
Where Millennials like to
spend their time…
with other
PEOPLE
Is that a bank, or a café?
12
CASE STUDY 2
ENTREPRENEURSHIP
CO-CREATION
PRODUCT DEVELOPMENT
44.2%
Half-year net profit increase
55,000
Pizza creators...
13
CASE STUDY 3
Apps for what Millennials like to
do:
SEE/TOUCH/KNOW
WHAT’S NEW,
SOCIALISE,
not BANK
14
ENGAGING MISSING MILLENNIALS
Stay unique, change
often. What differentiates
you from non-FS brand
leaders?
Create core ...
15
LET’S TALK
Photo: Getty Images
Babs Ryan Norman Stellino
Prochain SlideShare
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Financial Services Executive Lunch: Finding The Missing Millennials

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Babs Ryan presented to Financial Services industry peers across Brisbane, Melbourne and Sydney on the topic "How global leaders are engaging a generation disinterested in Financial Services" She shared some thought-provoking examples of how global and local financial service organisations are inventing new, innovative approaches to engage millennials.

Publié dans : Économie & finance
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Financial Services Executive Lunch: Finding The Missing Millennials

  1. 1. FINDING THE MISSING MILLENNIALS Financial Services Executive Roundtable
  2. 2. 2 WE’VE TRIED… Mobile Apps Loyalty Programs Webinars Financial Education Financial Planners Social Media Life Stage Marketing
  3. 3. 3 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
  4. 4. 4 YOU ARE HERE with 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
  5. 5. 5 Need more Financial Education 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…
  6. 6. 6 “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
  7. 7. 7 MILLENNIALS Time 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
  8. 8. 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
  9. 9. 9 “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."
  10. 10. 10 Where they spend their TIME Is where they spend their MONEY
  11. 11. 11 CASE STUDY 1 Where Millennials like to spend their time… with other PEOPLE Is that a bank, or a café?
  12. 12. 12 CASE STUDY 2 ENTREPRENEURSHIP CO-CREATION PRODUCT DEVELOPMENT 44.2% Half-year net profit increase 55,000 Pizza creators Continually changing, like them 50%+ Digital orders up from 30% $40,000 Highest customer earning
  13. 13. 13 CASE STUDY 3 Apps for what Millennials like to do: SEE/TOUCH/KNOW WHAT’S NEW, SOCIALISE, not BANK
  14. 14. 14 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
  15. 15. 15 LET’S TALK Photo: Getty Images Babs Ryan Norman Stellino

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