More connected and technologically empowered than their parents, millennials are set to become the most powerful consumer cohort in the country. Whilst millennials might currently be
worth less than older generations to financial institutions, that balance is shifting rapidly. According to RFi Group, the value of Millennials to Australian financial institutions is expected to increase by almost 80% by 2025”. With this impending rise of millennials as a commercial force, it’s more important than ever that financial institutions and their marketers understand them.
Facebook has commissioned a Retail Banking report in partnership with Accenture, which surveyed 1,001 Australian banking customers. In their research they examine the importance of engaging
with the next generation of empowered consumers and explore the channels they use to make key financial decisions.
They also undertook an innovative eye-tracking study in partnership with Eye Square which surveyed 140 TV-viewing participants across 108 Australian households. The study reveals a highly connected group of consumers who enjoy near infinite choice and are at ease doing business digitally. They also have a mobile-first approach to life and value meaningful connections amongst friends and in business.
For marketers, the research reveals the channels that 18 to 34-year olds use most to discover and discuss new financial products – opening the door to a whole new way of connecting with them.
See the infographic below for a snapshot of the key findings. Want to learn more, read the full report by Facebook and Accenture.