The Millenials for the financial sector

The advantages of the millennial customer, not everything about this generation means bad news for the financial sector. García de la Cruz points out that banks should “exploit the fact that millennials are used to surrendering their data without any resistance without a second thought, and have a much lower perception of risk than other generations, which benefits companies and banks by making it easier to learn about their preferences.

This information is very important for designing strategies for capturing new customers”. This article in the New York Times highlights that this generation, unlike the boomers (now aged between 50 and 60), downplay work –for 25% it is the cornerstone of their lives, whereas for boomers this percentage rises to 39%–, and when combining work and free time they emphasize that their time is “theirs alone”. “This is a very well-educated generation with very clear ideas. They are not willing to work at just anything, they believe companies should generate values, and that’s why they demand that banks should have social responsibility, maximum transparency and values.

The millennials work for something more than just money, and that’s why they’re doubly demanding with the financial sector: as employees, because they’re going to demand that companies manage their talent in the best possible way; and as customers, because they look for added value. We shouldn’t forget that this is generation that is loyal to experiences rather than brands”, concludes García de la Cruz.

Source :

https://www.bbva.com/wp-content/uploads/en/2017/10/ebook-cibbva-innovation-trends-millennial-generation.pdf