Are You Targeting the Right Millennials?

Banking and Payment Innovations
to Capture Millennials
Areyoutargetingtheright
membersofGenY?
Daniel Van Dyke
Research Specialist, Mobile
© 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company

IsGenYallthesame?

WhoareGenY.1andY.2?
Y.1: 18-24
13%
Y.2: 25-34
18%
35-44
17%45-54
18%
55-64
16%
65+
18%
Y.1 population: 32 million
Y.2 population: 44 million
U.S. 2014 adult
population: 245 million

GenY.1:18-24
FINANCIALLY
UNCOMMITTED
HIGHTECH MOREMOBILEFIRST
LOWEMPLOYMENT
STUDENT
LOWFINANCIALPRODUCT
OWNERSHIP

GenY.2:25-34
BANK
FLIGHTRISK
HIGHTECH HIGHMOBILEBANKING
GROWINGINCOME
EMPLOYED
HIGHFINANCIALPRODUCT
OWNERSHIP

Y.1
18-24
Y.2
25-34
FIRST ADOPTER21% 36%
36% 6%SOMEONE ELSE MANAGES
FINANCES
48% 5%STUDENT
19% 16%WILLING TO TAKE RISKS
32% 61%MANAGE OWN FINANCES
18% 65%EMPLOYED FULL TIME

Y.1
18-24
Y.2
25-34
ONLINE BANKED PAST 30 DAYS
81% 89%
70% 80%MADE ONLINE PURCHASE
PAST 30 DAYS
26% 34%MOBILE DEPOSIT PAST 30 DAYS
60% 70%MOBILE BANKED PAST 30 DAYS
20% 25%APPLIED FOR CREDIT CARD WITH
MOBILE/PC
56% 63%ATM WITHDRAWAL PAST 30 DAYS

5Recommendations
Y1&Y2:

ServeGenY.1’smobile
needslikeaNeobank.
1 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company

41%
3%
4%
6%
14%
32%
19%
3%
5%
10%
17%
46%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Never
More than 12 months ago
In the past 12 months
In the past 90 days
In the past 30 days
In the past 7 days
Percent of Consumers
Y.1 (18-24 years)
All consumers
GenY.1leadsinmobilebanking.
MOBILE BANKING USE (GEN Y.1 & Y.2)

23%of top FI’s support pre-
login balance viewing.
2Makemobilebankingas
immediateasTinderforGenY.1.

3TargetGenY.2formobile
wallets.
12months Gen Y.2 is most likely to use
a wallet in the next year.

37%
44% 47%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Percentofsmartphoneowners
All consumers Y.1 (18-24) Y.2 (25-34)
GenY.2isthemostlikelyagegrouptouseamobile
walletinnext12months.
LIKELIHOOD OF USING MOBILE PROXIMITY
PAYMENTS IN THE NEXT 12 MONTHS

4Usechattostartaconversation
withGenY.1.

GenY.1isearlyadopterofchatforcustomerservice
questions.
MOBILE BANKING USE (GEN Y.1, Y,2 ALL
SMART PHONE OWNERS)
3%
7%
7%
22%
46%
47%
6%
12%
8%
21%
38%
51%
4%
13%
5%
24%
39%
49%
0% 10% 20% 30% 40% 50% 60%
I logged online to use a 'call back' service to request a
return call from a bank representative
I used the bank's online chat service to converse with
a customer service representative
I sent an email to the bank's customer service
I phoned my local branch to speak to a banker
I visited my local branch to speak to a banker
I phoned customer service
Percent of Consumers
Y.1 (18-24 years)
Y.2 (25-34 years)
All consumers

5BewaryofburningGenY.1with
overdrafts.
3in10recent Gen Y.1 switchers left
for lower fees.

Questions?

Thankyou.
Daniel Van Dyke
Research Specialist, Mobile
For questions regarding access
to Javelin research please contact:
inquiry@javelinstrategy.com

Are You Targeting the Right Millennials?

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