financial services executive lunch: finding the missing millennials

FINDINGTHE MISSING MILLENNIALS

Financial Services Executive Roundtable

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WE’VE TRIED…

Mobile Apps

Loyalty Programs Webinars Financial

EducationFinancial Planners

Social Media

Life StageMarketing

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THE TRUTH ABOUT MOBILE APPS

Yes, 90% of Australia mobile TIME is spent on apps,

90%

but TIME is limited to ONLY 3 – 5 APPS, that are not financial. Financial app time is

TRANSACTIONAL, not relational

Refs: smartinsights.com; rba.gov.au

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YOU ARE HEREwith LOTS of

others

Facebook 19%Messaging/Social 12%

YouTube 3%

Entertainment 17%

Gaming 15%

Utilities 8%

Others 10%

Productivity 2%

Safari 6%

Chrome 4%

News 2%

AUSTRALIAN’S MOBILE

TIME

WHEN IT COMES TO MONEY, TIME MATTERS

Sources: Comscore, Pandora, Facebook, Flurry Analytics, NetMarketShare

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Need more FinancialEducation

Better Tools

Needed

Fees, cost

Like to Do it

Myself

Not Enough Money

Fear

Apathy

Entitlement

Superannuation

Immediate Gratification

Marry Later, Living

With parents

Trust

Reasons we’ve heard why Millennials aren’t engaged with FS

providers…

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“I don’t want to put all this work into actually managing my

money,” says Cristina Cordova,

26-years-old

Sources: “The Recession Generation: How Millennials Are Changing Money Management Forever,” Forbes, 30 July 2014“Millennials and Money Worries,” Fidelity, 2014

“Now ‘me’ wants to have fun,” says Adam, 26-years-old

Photo: Getty Images

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MILLENNIALSTime should not be spent on money

“Millennials want very little – if any – part of the financial services industry.” www.benefitspro.com/

“Millennials don‘t want their lives to revolve around money.”www.pbig.ml.com

“71% would rather go to the dentist than to listen to what a bank is saying.”Sorry Banks, Millennials Hate You, Fast Company 2013

“80% of people don’t do budgeting.”bankinnovation.net/

“Why so few consumers use this [PFM] tool is that so few are engaged or active in the management of their financial life.”bankinnovation.net/

“70% of customers don’t want a relationship with their financial institution, with half feeling strongly about it.”BAI

Nielson Global Survey of Investment Attitudes,

Only 16% of Australians use a

FINANCIAL PLANNER;

5% of Millennials*

Australia has the highest SELF-

DEPENDENCY 57%

in a Nielsen global study of 68

countries

*www.cmawebline.org

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“According to a new study by Eventbrite, 69 percent of millennials experience FOMO [Fear of Missing Out] when they can't attend something

that their family or friends are going to. For millennials, FOMO is not just a cultural

phenomenon, it's an epidemic."

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Where they spend

their

TIME

Is where they spend their

MONEY

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CASE STUDY 1Where Millennials like to spend their time…

with other PEOPLE

Is that a bank, or a café?

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CASE STUDY 2

ENTREPRENEURSHIPCO-CREATION

PRODUCT DEVELOPMENT44.2%

Half-year net profit increase

55,000Pizza creators

Continually changing, like them

50%+ Digital orders up from 30%

$40,000Highest customer earning

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CASE STUDY 3Apps for what Millennials

like to do:

SEE/TOUCH/KNOW WHAT’S NEW, SOCIALISE,

not BANK

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ENGAGING MISSING MILLENNIALS

Stay unique, change often. What differentiates you from non-FS brand leaders?

Create core products delivering their passions where they spend time; invite them to co-create

Connect them face-to-face

Think big, start small, move fast

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LET’S TALKPhoto: Getty Images

Babs Ryan Norman Stellino