Using RedBricks proprietary methodology, we get to understand how #millennials in #Kenya handle their money. Do they go to #banking halls or use #mobilemoney? Check out this deck to find out more...
1. Millennial Banking Practices
How do Kenyan millennials manage their money?
QualServ⢠Study â January 2020
RedBrick
A F R I C A
2. About the Study
⢠Done using RedBrickâs proprietary QualServ⢠methodology
⢠Digital Qualitative research methodology - Focus Group Discussion
⢠Respondents were millennials between 24 and 30 years
⢠Study carried out in January 2020
⢠Objective:
⢠To explore Millennials Banking and Financial Management practices
4. How do Millennials manage their banking?
⢠Most have more than 1 bank account in different banks
⢠Bank account primary use: Current, Savings
⢠Most not afraid to explore other banks offerings â always looking out
for a better deal
⢠Not worried about having all their money in one bank â not worried
about it going under with their funds
5. Bank selection criteria
⢠Work â Employer/client imposed
⢠Operating hours
⢠Continuation from junior accounts â Cub, Jumbo Junior etc
⢠Ease of opening/running/accessing account
⢠Accessibility of funds â Agency, ATM, Outlets
⢠Special deals â Marketing products like Loop, Yeah etc
6. Offline Banking
⢠Very rarely visit the banking hall, except when opening the account or
when doing KYC activity â Reactivating dormant accounts
⢠Only visit when carrying out special transactions
⢠Large transfers
⢠Deposits
⢠Savings withdrawals
7. Accessing funds
⢠Donât trust agency â Too much personal information
⢠Preferred methods in order of preference:
1. ATM
2. Swipe Card
3. Mobile Banking
4. OTC
8. Mobile Money
⢠Used by all. Mpesa and Airtel Money only
⢠Mostly transactional, not as a store of money
⢠Discipline is a challenge â people tempted to spend it all
⢠With cash or card, you can always leave it at home
10. Mobile Lending/Borrowing Patterns
⢠Many have borrowed from mobile apps
⢠Some start out of curiosity:
⢠See how it works
⢠Becomes addictive after a while
⢠Seen mostly as a bad thing only to be done as a last resort
11. General Insights
⢠Millennials are loyal to value, not brands â They want to see what you have
to offer and if they like it they engage
⢠Convenience is critical â Having a variety of options with regard to
depositing and accessing cash is utmost
⢠Digital is the way to go â Banking halls are obsolete, they will not be visited
⢠Discipline is a challenge â Mobile money is too easy to access, cash and
card is easier to manage
⢠Money management skill is needed â Sense of regret at not having skills in
the past
12. Implications for Strategy
⢠Show the value you create for this client, they donât care about your brand
⢠Provide as many channels as possible to make the experience as
frictionless as possible
⢠Create products that allow customers to have money on mobile by limit
their use of it somehow
⢠Introduce customers to your company early â Money management
classes/forums from high-school/university students
14. Who are we?
⢠Dynamic, new strategy, communication and research outfit
⢠Established in 2011
⢠Successfully completed over 200 client projects across East and Southern Africa
⢠Team has over 50 years combined research experience
⢠Experience across different sectors of the economy:
⢠Non Profit â NGO and Social Impact sector
⢠Commercial â For Profit companies
⢠Government â Local and National Governments as well as SAGAs
15. How we can help youâŚ
⢠Market Research â We help clarify what the market wants, needs or gravitates
towards
⢠Insights and Exploration - We explore your world with you, providing you with
insights on your customers, competitors and environment
⢠Consumer behavior - We take you on a journey into the mind of your consumer
revealing to you their longings, fears, motivations, attitudes and loyalties.
⢠Industry Analysis â We take a wholistic view of entire industries, helping map out
the players and dynamics, all presented in a simple format
⢠Data Analysis and Reporting - We present information in a way that makes sense
to you, so that you can easily and painlessly make the tough decisions you must.
16. Whats next?
This is only a taste of what we can do for your brand. Reach out to us
for an in-depth analysis and strategy session.
We can curate a more detailed and specific study focused exclusively
on your brand
Amos M. Mutiga
mmutiga@redbrickafrica.com
+254 722 727 808