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How do Millennials in Kenya handle their money?

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Using RedBricks proprietary methodology, we get to understand how #millennials in #Kenya handle their money. Do they go to #banking halls or use #mobilemoney? Check out this deck to find out more...

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How do Millennials in Kenya handle their money?

  1. 1. Millennial Banking Practices How do Kenyan millennials manage their money? QualServ™ Study – January 2020 RedBrick A F R I C A
  2. 2. About the Study • Done using RedBrick’s proprietary QualServ™ methodology • Digital Qualitative research methodology - Focus Group Discussion • Respondents were millennials between 24 and 30 years • Study carried out in January 2020 • Objective: • To explore Millennials Banking and Financial Management practices
  3. 3. Findings
  4. 4. How do Millennials manage their banking? • Most have more than 1 bank account in different banks • Bank account primary use: Current, Savings • Most not afraid to explore other banks offerings – always looking out for a better deal • Not worried about having all their money in one bank – not worried about it going under with their funds
  5. 5. Bank selection criteria • Work – Employer/client imposed • Operating hours • Continuation from junior accounts – Cub, Jumbo Junior etc • Ease of opening/running/accessing account • Accessibility of funds – Agency, ATM, Outlets • Special deals – Marketing products like Loop, Yeah etc
  6. 6. Offline Banking • Very rarely visit the banking hall, except when opening the account or when doing KYC activity – Reactivating dormant accounts • Only visit when carrying out special transactions • Large transfers • Deposits • Savings withdrawals
  7. 7. Accessing funds • Don’t trust agency – Too much personal information • Preferred methods in order of preference: 1. ATM 2. Swipe Card 3. Mobile Banking 4. OTC
  8. 8. Mobile Money • Used by all. Mpesa and Airtel Money only • Mostly transactional, not as a store of money • Discipline is a challenge – people tempted to spend it all • With cash or card, you can always leave it at home
  9. 9. Transactional behavior • Preferred methods of transacting in order of preference: 1. Swipe card 2. Mobile money 3. Cash - Rarely
  10. 10. Mobile Lending/Borrowing Patterns • Many have borrowed from mobile apps • Some start out of curiosity: • See how it works • Becomes addictive after a while • Seen mostly as a bad thing only to be done as a last resort
  11. 11. General Insights • Millennials are loyal to value, not brands – They want to see what you have to offer and if they like it they engage • Convenience is critical – Having a variety of options with regard to depositing and accessing cash is utmost • Digital is the way to go – Banking halls are obsolete, they will not be visited • Discipline is a challenge – Mobile money is too easy to access, cash and card is easier to manage • Money management skill is needed – Sense of regret at not having skills in the past
  12. 12. Implications for Strategy • Show the value you create for this client, they don’t care about your brand • Provide as many channels as possible to make the experience as frictionless as possible • Create products that allow customers to have money on mobile by limit their use of it somehow • Introduce customers to your company early – Money management classes/forums from high-school/university students
  13. 13. About RedBrick…
  14. 14. Who are we? • Dynamic, new strategy, communication and research outfit • Established in 2011 • Successfully completed over 200 client projects across East and Southern Africa • Team has over 50 years combined research experience • Experience across different sectors of the economy: • Non Profit – NGO and Social Impact sector • Commercial – For Profit companies • Government – Local and National Governments as well as SAGAs
  15. 15. How we can help you… • Market Research – We help clarify what the market wants, needs or gravitates towards • Insights and Exploration - We explore your world with you, providing you with insights on your customers, competitors and environment • Consumer behavior - We take you on a journey into the mind of your consumer revealing to you their longings, fears, motivations, attitudes and loyalties. • Industry Analysis – We take a wholistic view of entire industries, helping map out the players and dynamics, all presented in a simple format • Data Analysis and Reporting - We present information in a way that makes sense to you, so that you can easily and painlessly make the tough decisions you must.
  16. 16. Whats next? This is only a taste of what we can do for your brand. Reach out to us for an in-depth analysis and strategy session. We can curate a more detailed and specific study focused exclusively on your brand Amos M. Mutiga mmutiga@redbrickafrica.com +254 722 727 808

Using RedBricks proprietary methodology, we get to understand how #millennials in #Kenya handle their money. Do they go to #banking halls or use #mobilemoney? Check out this deck to find out more...

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