Digital banking

How Banks in Asia’s Emerging Markets Can Capture the Millennials MFS Opportunity

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“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.

 

Summary

Asia’s Millennials represent a significant potential client base for banks in the region’s emerging markets.

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Asia’s Millennials represent a significant potential client base for banks in the region’s emerging markets.

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The 3 Pillars of a Superior Digital Customer Experience in Banking

MFS

I remember the first time my parents took me to open a bank account. Fiscal responsibilities, the importance of saving, the concept of interest rates –  all of that sophisticated jargon and concepts that were completely new to me. It was all very exciting and very serious. The bank was an impressive place – with Ionic columns flanking the stone steps that lead to its grand, marble entrance. Yet, with all the pomp and circumstance of that momentous event I recall that all of the logistics around spending time at the bank could have been much more convenient for my parents. The bank’s hours weren’t in synch with my parents’ off time, and the service rep had droves of paperwork for us. Fond as my memories are of this childhood milestone, as far as the customer experience goes – there was still a lot left to be desired.

 

Today – the customer experience for the most part, is very different. It is digital, serving the always on, always rushed, online, mobile consumer. In light of this new reality, it is imperative for banks to evolve as well. To remain relevant, competitive, and grow the customer base, banks need to deliver a superior digital experience.

 

And, for today’s digital consumers, delivering such an experience means doing the following:

  • Enabling a seamlessly connected omnichannel customer journey;
  • Delivering personalized customer engagements;
  • Enabling the full ecosystem of financial services via the ubiquitous mobile.

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For more detail, please check out the following  SlideShare for additional insights about each of these pillars – as well as compelling data from Gartner, Forrester, Accenture, and more.

Summary

Maya Barkay on creating a superior customer experience in banking

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Maya Barkay on creating a superior customer experience in banking

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