Aspire Systems, the technologies services firm, today announced the launch of its new global campaign titled ‘The Millennial Banking Recipe.’ The year-long campaign will have out-of-the-box initiatives to empower bankers with the knowledge, tools and strategies to help them adapt to the ‘millennial age’ of digital banking.
By 2020, Millennials (the group aged 18 to 34) will constitute half the global workforce, and consequently, will represent a huge share of the future revenue of banks. Currently aged 37 and younger, millennials are also the most tech-savvy, mobile-first, and always-connected demographic group who prefer banking services to meet and complement their individual priorities.
The campaign will focus on finding the right action plan for banks to regain the trust and retain the loyalty of millennials. The Millennial Disruption Index shows that 53% of Millennials don’t believe their bank offers them anything unique. Their preferences and lifestyle represent a dramatic shift that’s just getting started, and so far, most banks are falling short of delivering the experience desired. It is imperative for banks to think beyond conventional approaches not just in terms of technology, but also in terms of delivering new ways to meet their evolving banking needs.
The objective of the campaign is therefore, to provide a platform for bankers worldwide to discuss the potential way forward in bridging the gap between banks and millennials. It will also take an in-depth look at what this expanding customer segment is looking for from their banks as partners in their financial growth plans, and what banks can do to take their millennial strategy to the next level.
Srini Peyyalamitta, BFS Head at Aspire Systems said, “To win over Millennials and capitalize on this influential customer segment, banks must sort the myths from the facts, and understand their key beliefs, behaviors, trends and priorities. This objective of this campaign is to provide insights into millennial financial behaviors and the strategies that must be implemented to engage and deepen relationships with the digital Millennials.”
The campaign includes four exclusive types of engagements with bankers:
- The Millennial Bankers’ Community – A platform where CIOs, Chief Digital Officers etc. can have a constructive dialog on the challenges facing banks when dealing with millennial customers and the ways to successfully address them.
- Flix– A monthly thought provoking video series to help bankers clarify their understanding and identify digital services to win over Millennials.
- Scoop– A monthly newsletter covering banks worldwide and their initiatives in improving their Millennial banking experience journeys.
- Outlook–A detailed study to understand the actual use of various hyped technologies and whether they really help banks to engage and grow their millennial customer base.
Commenting on the campaign, Mr. Gowri Shankar Subramanian, Chairman and CEO, Aspire Systems said, “Collaboration with a trusted technology partner is key to building digital ecosystems, where banks can provide a truly differentiated banking experience to the millennial audience. Our campaign seeks to for a solid understanding to bridge the impending gap.”