1.
FINDING
THE MISSING
MILLENNIALS
Financial Services Executive
Roundtable

2.
2
WE’VE TRIED…
Mobile
Apps
Loyalty
Programs
Webinars
Financial
Education
Financial
Planners
Social
Media
Life Stage
Marketing

3.
3
THE TRUTH ABOUT MOBILE APPS
Yes, 90% of Australia mobile TIME is spent on apps,
90%
but TIME is limited to ONLY 3 – 5 APPS,
that are not financial. Financial app time is
TRANSACTIONAL,
not relational
Refs: smartinsights.com; rba.gov.au

4.
4
YOU
ARE HERE
with LOTS of
others
Facebook 19%
Messaging/Social 12%
YouTube 3%
Entertainment 17%
Gaming 15%
Utilities 8%
Others 10%
Productivity 2%
Safari 6%
Chrome 4%
News
2%
AUSTRALIAN’S
MOBILE
TIME
WHEN IT COMES TO MONEY, TIME MATTERS
Sources: Comscore, Pandora, Facebook, Flurry Analytics, NetMarketShare

5.
5
Need more
Financial
Education
Better
Tools
Needed
Fees, cost
Like to Do
it
Myself
Not
Enough
Money
Fear
Apathy
Entitlement
Superannuation
Immediate
Gratification
Marry Later,
Living
With parents
Trust
Reasons we’ve heard why Millennials
aren’t engaged with FS providers…

6.
6
“I don’t want to put all this work into
actually managing my money,”
says Cristina Cordova,
26-years-old
Sources: “The Recession Generation: How Millennials Are Changing Money Management Forever,” Forbes, 30 July 2014
“Millennials and Money Worries,” Fidelity, 2014
“Now ‘me’ wants to have fun,”
says Adam,
26-years-old
Photo: Getty Images

7.
7
MILLENNIALS
Time should not be spent on money
“Millennials want very little – if any – part of
the financial services industry.”
www.benefitspro.com/
“Millennials don‘t want their lives to revolve
around money.”
www.pbig.ml.com
“71% would rather go to the dentist than to
listen to what a bank is saying.”
Sorry Banks, Millennials Hate You, Fast Company 2013
“80% of people don’t do budgeting.”
bankinnovation.net/
“Why so few consumers use this [PFM] tool is
that so few are engaged or active in the
management of their financial life.”
bankinnovation.net/
“70% of customers don’t want a relationship
with their financial institution, with half feeling
strongly about it.”
BAI

8.
Nielson Global Survey of Investment Attitudes,
Only 16% of
Australians use a
FINANCIAL
PLANNER;
5% of
Millennials*
Australia has the
highest SELF-
DEPENDENCY
57%
in a Nielsen global
study of 68 countries
*www.cmawebline.org

9.
9
“According to a new study by Eventbrite, 69 percent of
millennials experience FOMO [Fear of Missing Out] when
they can't attend something that their family or friends are
going to. For millennials, FOMO is not just a cultural
phenomenon, it's an epidemic."

10.
10
Where they spend
their
TIME
Is where they spend their
MONEY

11.
11
CASE STUDY 1
Where Millennials like to
spend their time…
with other
PEOPLE
Is that a bank, or a café?

12.
12
CASE STUDY 2
ENTREPRENEURSHIP
CO-CREATION
PRODUCT DEVELOPMENT
44.2%
Half-year net profit increase
55,000
Pizza creators
Continually changing, like them
50%+
Digital orders up from 30%
$40,000
Highest customer earning

13.
13
CASE STUDY 3
Apps for what Millennials like to
do:
SEE/TOUCH/KNOW
WHAT’S NEW,
SOCIALISE,
not BANK

14.
14
ENGAGING MISSING MILLENNIALS
Stay unique, change
often. What differentiates
you from non-FS brand
leaders?
Create core products
delivering their passions
where they spend time;
invite them to co-create
Connect them
face-to-face
Think big,
start small,
move fast

15.
15
LET’S TALK
Photo: Getty Images
Babs Ryan Norman Stellino