Every generation affects the world in its own way, it changes the way we look at certain things and brings something unique and innovative. Millennials, also known as the Generation Y, are the children of the baby boomers, born in the 1980s and the 1990s. Their characteristics vary by region, social and economic conditions but are generally marked by an increased use of technology. Millennials are far more familiar with the concept of media, communications and technology than their parents, the baby boomers.
Growing up with technology
Millennials have grown up with technology and are comfortable using it in every aspect of their life. They are using it to shop, study, browse and connect with their friends. It is no surprise that they have decided it is time to raise the bar. Generation Y is used to everything being done quickly. They do not want to wait in long queues and lose valuable time they could be spending with their friends. This is why they are flocking to FinTech.
Finance one click away
FinTech is allowing its users to manage, send and monitor their money in the comfort of their own home. There is no more need to wait in long queues, lose money on bank’s hidden fees and waste valuable time. All financial services are now just a click away and millennials see fintech’s potential. Being a generation that wants everything done quickly and easily, they are allowing FinTech into their lives and trusting it with their money. Now, all financial services are on their mobile phones. This applies to payments, investments, crowdfunding, lending and other.
Millennials want financial companies to speak their language, understand their needs and save them valuable time. FinTech startups are hearing this loud and clear and are working in order to meet millennials’ requirements.
The value of Customer Service
While the efficiency is primary, startups are also realizing the value of customer service. Millennials appreciate good customer service and are more than happy to use a product if they feel appreciated and know they can call and inform themselves about the product any time they want. With the help of technology companies are able to offer better service by observing customer’s behavior and habits. This way, companies know what their customers like, want and are working hard in order to meet their expectations.
Many are not aware of the potential that millennials have. They may not be saving up for a house at the moment, not paying the mortgage or thinking about money, however, in a few years time they will be the ones bringing the most money to the banks.
Millennials are drivers of change today. It is definitely a golden age for innovative entrepreneurs and open-minded banks, with the right move success is one click away.
Manigo Team, March 2017