March 23, 2016
More than a quarter of the US population is represented by millennials. Companies across industries are turning their priority and attention to creating products which can cater to this significant population. Millennials are expected to spend more than $60 billion on CPG in the next decade with a demand for mobile, social and personalized experiences when shopping.
A powerful pool of active shoppers and mobile users attracts the attention of entrepreneurs looking to leverage opportunities in such a perspective market. However, not all ventures aimed to lure millennials will be fortunate to succeed. In order to build an attractive and valuable financial product tailored for a demanding group, FinTech companies and banks need to understand who are they dealing with and what their target audience wants from the financial services industry.
Major players in the banking industry have come to realize the importance of millennials as customers and have performed studies on financial behaviors of the group over the past few years. Among some of the interesting ones are The 2014 ICBA American Millennials and Community Banking Study, Millennials Banking Insights and Opportunities,