Page 37 - Banking Finance September 2018

ARTICLE

SPEAKING THE

MILLENNIAL

LANGUAGE VITAL

FOR BANKING

SUCCESS

F or banking companies, millennials (those born after Millennial banking is a serious game

1984) are at the crest of the challenges they face
indeed
in the new machine age. A different breed of
banking customer, the millennials are an
elements, design and principles of a game into non-game
experiential omnivore who constantly seek better The concept of gamification involves bringing together, the
experiences in the way they interact with banks and access environments like banking. Gamification helps to digitally
their services. Winning over this influential demographic is engage, educate and connect with millennial customers,
not easy as it was with the previous generation, the Baby and therefore, is a remarkable tool to acquire and retain
Boomers. Banks have to therefore speak in the language of customers in banking. For instance, by gamifying customer-
the millennials, and imbibe impactful approaches such as facing tools, banks can enhance customers' understanding
gamification to digitally engage, educates and connect, and of their own financial health. This also serves the purpose
thereby win new customers, and more importantly, retain of allowing them to monitor progress towards their
them. Here are a few recipes for banks to win the millennial personalized savings targets.
customers.
Automation to the rescue

About the author Millennials prefer automated robo / digital financial advice
to traditional advice models. Almost two-thirds of digital
natives prefer receiving advice on innovative self-service
Srini Peyyalamitta
VP, Banking & Financial Services platforms. These new ways of interactions are perceived to
at Aspire Systems offer greater independence and faster response. According
to Telestra Research 2016, almost two thirds of digital-native
millennials prefer receiving advice on such platforms.

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