How Banks in Asia’s Emerging Markets Can Capture the Millennials MFS Opportunity
“Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.” (Goldman Sachs)
Asia’s Millennials, in particular, represent a significant potential client base for banks in the region’s emerging markets. According to MasterCard, 60% of the world’s millennials will live in Asia by 2020, bringing with them an expected US$200B in disposable income.
But, how much do we know about the banking habits, choices, and preferences of this segment? How can banks leverage the millennial opportunity?
“Connecting with the millennial segment now through a superior digital experience will likely ensure long-term customer engagement . . . Managing this transition in a seamless and consistent manner is what will be the ultimate differentiator between banks that thrive and those which falter.” (RFGroup)
Specifically, the infographic in this post lays out some key strategic questions with respect to what banks should strive for in an MFS solution in order remain to relevant to Millennials, such as:
- What are their spending and savings habits?
- Do they prefer mobile vs. cash payments?
- Would Millennials trust their bank or service provider more for mobile payments?
- What are some of the banking characteristics of Millennials in China, India, Indonesia, Philippines, and Malaysia?
To learn more about Millennials and their Mobile Financial Services’ needs, as well as request a demo of our solution, contact us here.