The Millennial Shift: Financial Services and the Digital Generation
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Maya Pope-Chappell, News Editor, LinkedIn Theresa McLaughlin, CMO Canadian Banking, Auto, and Wealth, TD Bank Denise Karkos, CMO, TD Ameritrade Marty Willis, Chief Marketing Officer, OppenheimerFunds Laura Desmond, CEO, Starcom MediaVest Group Donna Sabino, SVP, Ipsos Bill Sullivan, Head of Global Financial Services, Market Intelligence, Capgemini Leslie Gillin, Managing Director and Chief Marketing Officer, Citi Global Consumer Bank With one of the largest generations in history comes tremendous buying power: Millennials spend $1.3 to $1.7 trillion annually. In fact, this group of digital natives represents a lucrative market and the next generation of financial clients. To make inroads with Millennials, firms must appeal to their demand for services and experiences on par with those delivered by retail and other industries that have learned how to capitalize on consumer interactions in the digital era.
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The Millennial Shift: Financial Services and the Digital Generation
- 2. Donna Sabino Senior VP Ipsos The Affluent Millennial Opportunity
- 3. mil • A F F L U E N T ni• IN THE 1980S OR 1990S als
- 4. C U R R E N T F I N A N C I A L S E R V I C E S L A N D S C A P E Through the lens of Affluent Millennials
- 5. Likelihood to Try Services from a Non-FS Brand Affluent Millennials Are Open to FS Offerings from Traditionally Non-FS Brands 55% 67% 46% 45% 5 MILLENNIALS GENX AFFLUENT MILLENNIALS AFFLUENT GENX
- 6. Affluent Millennials Seek Greater Involvement & Control in Financial Decisions 50% 46% 42% 39% 34% 49% 34% 38% AFFLUENT MILLENNIALS AFFLUENT GENX AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX MILLENNIALS GENX 6 S O L O I S TV A L I D A T O R
- 7. M I L L E N N I A L S : T H E S O C I A L - C E N T R I C G E N E R A T I O N 7 Affluent Millennials believe social networks will be the hub of all their financial information in the future1in 5 52% 26% 18% AFFLUENT MILLENNIALS MILLENNIALS GENXERS VS Seek content from financial companies on social networks
- 8. How relevant is educational content/information to you? Millennials Find Financial Education Most Relevant 8 AFFLUENT, 79% AFFLUENT, 67% MILLENNIALS, 61% GENXERS, 53% Affluent Millennials are more interested in learning about retirement planning on social networks than general Millennials (80% vs. 38%) 2x MORE
- 9. % of Affluent Users that use at least 1 social network to obtain this type of info 9 Peer opinions, thought leadership, and product reviews top content for Millennials on social networks P E E R O P I N I O N S 91% 53% AFFLUENT MILLENNIALS AFFLUENT GENXERS T H O U G H T L E A D E R S H I P 89% 44% AFFLUENT MILLENNIALS AFFLUENT GENXERS P R O D U C T R E V I E W S 81% 38% AFFLUENT MILLENNIALS AFFLUENT GENXERS
- 10. F U T U R E F I N A N C I A L S E R V I C E S L A N D S C A P E As Millennials envision it
- 11. 11 T H E F U T U R E ’ S S O B R I G H T F R O M M I L L E N N I A L S ’ P O I N T O F V I E W 84% Affluent Millennials think the American Dream is possible 73% Affluent GenXers vs. Affluent Millennials are more likely than general Millennials to be confident in the country’s economic future 2x MORE LIKELY
- 12. % AGREE: The sacrifices I make now will pay off in the future 12 Affluent Millennials Will Sacrifice Now For The Future MILLENNIALS GE N XE R S To t a l : 5 6 % A ff l u e n t : 7 1 % To t a l : 4 7 % A ff l u e n t : 5 6 %
- 13. Seize the Affluent Millennial Opportunity A C T N O W B U I L D D I A L O G U E & T R U S T W I T H E D U C AT I O N A L C O N T E N T WA L K T H E WA L K 13
- 15. Maya Pope-Chappell News Editor LinkedIn Theresa McLaughlin CMO TD Canada Trust, TD Auto Finance & TD Wealth Marty Willis CMO OppenheimerFunds Denise Karkos CMO TD Ameritrade Donna Sabino SVP Ipsos Laura Desmond CEO Starcom MediaVest Group Leslie Gillin Managing Director and CMO Citi Global Consumer Bank Bill Sullivan Head of Global Financial Services Capgemini The Millennial Shift: Financial Services and the Digital Generation
Editor's Notes
- Definitions: Validators – work with an investment professional for second opinions and advice, but also conduct their own research and tend to make their own investment decision Soloists – do all of their own research, make their own decisions, and execute trades themselves
- Peer opinions or commentary about financial markets/events Thought leadership content about financial markets/current events Reviews from current customers about financial products and/or services
- 1. Don’t wait, act now Affluent Millennials are important – today. They’re seeking information. They’re making significant personal finance decisions. They’re establishing brand relationships. Don’t wait to engage them. 2. Build dialogue and trust with educational content. Affluent Millennials are information seekers and may not be seeking the same information as previous generations. Connect Via Content - Affluent Millennials are information seekers who desire involvement and control in financial decisions. Engaging them with relevant content at the time they’re seeking information is key to building authentic and trusted relationships. 1 in 4 are more likely to do business with a company that they can interact with within the social media environment. 3. Walk the Walk Communicate to Affluent Millennials they way they want to be communicated with. As a result, you might find yourself in social network channels and leveraging tools (mobile applications) that traditionally you did not participate in. Utilize New Approaches - Affluent Millennials live online and on-the-go. Communicating effectively with them requires utilizing new platforms (e.g. social networks) and tools (e.g., mobile apps) that are tightly integrated into their lifestyle.