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Peer Benchmarking for Banking: Taking a Page From Millennial Retail Shopping Trends

Millennials are now the largest and fastest-growing segment for digital banking, growing by 21 million users over the past five years and representing 62% of the overall growth, according to a 2017 report by Aite Group. This fast-growing segment is also stressed about their personal finances. According to the recent Wells Fargo Millennial Study, 69% of respondents say they want to get over their anxiety about money.

As financial institutions look for creative ways to help millennials better manage their finances, they can take inspiration from adjacent digital markets like e-commerce and social media applications where data-driven personalization is making customer experiences more rewarding while at the same time creating new revenue generation opportunities for companies. According to CNN Money, millennials want to share and compare everything. Whether it’s using the customers also bought section popping up beneath purchases, or crowd-sourcing on social feeds, or deciding what to wear, what to eat, and where to travel; the gold standard for guidance is the advice of a friend.

Adriot Digital’s Millenials: The New Age of Brand Loyalty report also supports this notion, with a majority of respondents stating that a recommendation from someone they know, or someone like them, is influential to their decision to buy a brand, second only in influence to price.

How can financial institutions leverage this peer comparison mentality to deliver more meaningful digital banking solutions and services to their c ...

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