1. Millennial Banking Practices
How do Kenyan millennials manage their money?
QualServ™ Study – January 2020
RedBrick
A F R I C A

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. Findings

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. 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. 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. 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. 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. Transactional behavior
• Preferred methods of transacting in order of preference:
1. Swipe card
2. Mobile money
3. Cash - Rarely

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. 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. 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. About RedBrick…

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. 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. 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