Are You Targeting the Right Millennials?
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Gen Y is the most sought after demographic in banking and payments, but also the least understood. Learn the two sub-generations of millennials in order to capture their hearts - and wallets.
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Are You Targeting the Right Millennials?
- 1. 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
- 2. IsGenYallthesame? © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 3. 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 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 6. 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 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 7. 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 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 8. 5Recommendations Y1&Y2: © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 9. ServeGenY.1’smobile needslikeaNeobank. 1 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 10. 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) © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 11. 23%of top FI’s support pre- login balance viewing. 2Makemobilebankingas immediateasTinderforGenY.1. © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 12. 3TargetGenY.2formobile wallets. 12months Gen Y.2 is most likely to use a wallet in the next year. © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 13. 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 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 15. 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 © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 16. 5BewaryofburningGenY.1with overdrafts. 3in10recent Gen Y.1 switchers left for lower fees. © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 17. Questions? © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company
- 18. Thankyou. Daniel Van Dyke Research Specialist, Mobile For questions regarding access to Javelin research please contact: inquiry@javelinstrategy.com © 2015 All Rights Reserved. Javelin Strategy & Research, a Greenwich Associates LLC Company