Not all millennials are created equal

Meeting the needs of the increasing large Millennial segment is a top top priority for many banks and credit unions. But not all Millennials are created equal, having different expectations of their financial institution partners.

Millennials are the largest generation in world history, numbering 80 million and commanding $1.3 trillion in direct annual spending in the U.S. alone. These consumers (where many define the oldest as 35 years old) represent a surprisingly diverse financial services segment, with varied needs and behaviors. This segment is more digitally focused than any previous generation, with connections to financial organizations reflecting their comfort with the App economy.

To connect with this segment that has increasing financial clout, it is important for both traditional banking organizations and fintech start-ups to build digital experiences that are seamless, well-designed and integrated with this segment’s lifestyle. For a deeper look into how financial organizations can better serve the Millennial segment, Oracle surveyed more than 4,500 consumers across 9 markets – Brazil, Canada, China, France, Germany, India, Japan, UK and the U.S. in their report, “The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System.”

Millennial Segment Diversity

Oracle divided Millennials into four sub-segments: Young Millennials (aged 18-21), Middle Millennials (aged 22-25), Mature Millennials (aged 26-30), and Grey Millennials (aged 31-45 years old). These age-based segments provided better insights into the differences in use of and reliance on different financial services providers.

continue reading »