This document discusses Millennials (Generation Y) and how banks should cater to them. It notes that Millennials, born between 1977-1995, are the largest, most educated generation. While some see them as lazy or job-hopping, others see them as ambitious, tech-savvy, and entrepreneurial. As tomorrow's accumulators of wealth, banks should focus on Gen Y by developing innovative products that meet their needs and lifestyle through social media, tailored promotions, and corporate social responsibility initiatives in order to survive and grow.

2. Who are the Millennial’s?
•Age group 18-30
•Born between 1977 and 1995, 17% of the world’s
population. Largest, educated and diverse generation
•Children of affluent Baby Boomers
They believe in “living for the day”.

3. Traits of the Millennials
• lazy, narcissistic and Known as the “Me”
generation
• prone to jump from job to job
confident,
self-expressive,
liberal
Like attention
Ambitious
Tech-savvy
Boss of themselves
• mobile, unlike their brand-loyal predecessors.
• highly educated, skilled and far more
entrepreneurial than earlier generations.

4. Why should banks focus on Gen-Y?
• Tomorrow’s accumulators of
wealth, constitutes a sizeable
proportion of banks’ customer
base
• By 2015, in the U.S. alone, their
annual spending is expected to be
over USD 2.45 trillion.
• By 2018, projected income will be
about USD 3.39 trillion annually

5. Customer Profile

6. Gen-y as customers
Financial freshman:
•Financial Advisor
Spend now, Save later!
•No long term investment plans and are more
interested in basic banking like having a checking and
savings account
A credit friendly generation
•Credit and debit card schemes

7. More demanding with greater expectations
• Fulfill multiple needs, likely to switch
Well connected
• Social media
Produce innovative products
• Produce goods keeping in mind traits

9. What banks do?
• TAKE in deposits and ISSUE loans
• Not enough for the generation Y customers
• Firms must take a step forward

10. Product Innovation
• gift Google Wallet sales
cards promotion
debit card credit card
PayPass-enabled terminal at checkout
• PayByPhone
– Allows you to reserve parking online
– Pay for parking
– Allows you to extend parking reservation
• MCB VIZ card
– Traveling debit card
– Pocket money transfer

11. Product Innovation
• UBL Teen Internet
– Internet shopping
– Partnership with teen popular stores/franchises
MC Donalds
KFC
CrossRoads
Other Shopping and retail stores
Transfer of pocket money
ETC
• UBL ACCA Card
• Ufone Debit Card

12. Production innovation
• All-in-One-School-Banking - Diamond Bank
(September 2014)
a School Proposition which is essentially a value-chain
initiative targeted at the stakeholders in the private
education sector, particularly schools from pre-primary
to secondary level.
• PKO Junior prepaid cards - PKO Bank Polski (June 2014)
PKO Junior prepaid cards are the first payment cards in
Poland that can be legally used by children under the
age of 13.

13. Marketing Innovation
Social Media
FACEBOOK, TWITTER, UTUBE, ETC
not just to inform but to connect
Tailored Promotional schemes
Need for creation of USP more than ever
More than a banking or financial consultancy
Corporate social responsibility

14. Marketing Innovation
Model of Green Bank Marketing
Sponsorships
– Standard Chartered Bank Liverpool FC
– Barclays Premier League
 Brand Ambassador
– ICICI Bank India Shahrukh Khan

16. Corporate Social Responsibility
• Quality of life
• Ethical concerns about minorities
• Cause related marketing
• Mcllroy (2008)
“Banks must provide security of loans, transparency
of risk to investors, and regulations involved in
further”

17. Green Banking
“The green image of a brand is established through its
professionalism in environmental reputation, its success in
environmental performance and trustworthiness regarding
environmental promises”.
• Adoption of codes of ethics
• Development of “green” or socially responsible financial
products
– Student Loans at low interest rates
– Provide free or low cost services to NGOs
– Support projects that promote the restoration of forestry or
instinct animals
• Promote a greener image through media

20. Conclusion
Identify
customers
• Gen Y
• Recognize their needs
• Create products to suit
their needs
Become
strong
• CSR & Green
Marketing
• Direct Interaction
• Extensive use of social
media
Survive
&
grow
• Innovate new products
• Build personal
relations with
customers
• Realize competition

21. Recommendations
• develop Online shopping portal
• Develop integrated branchless banking system
• Provide loans to young entrepreneurs
• Provide small loans to young investors with
parental guidance for making electronic
purchases