•Age group 18-30•Born between 1977 and 1995, 17% of the world’s population. Largest, educated and diverse generation

•Children of affluent Baby BoomersThey believe in “living for the day”.

Who are the Millennial’s?

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.

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

Customer Profile

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

More demanding with greater expectations• Fulfill multiple needs, likely to switch

Well connected• Social media

Produce innovative products• Produce goods keeping in mind traits

What banks do?

• TAKE in deposits and ISSUE loans• Not enough for the generation Y customers• Firms must take a step forward

Product Innovation

• gift Google Wallet sales cards promotion debit card credit cardPayPass-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

Product Innovation• UBL Teen Internet– Internet shopping– Partnership with teen popular stores/franchises

MC DonaldsKFCCrossRoadsOther Shopping and retail stores

Transfer of pocket moneyETC

• UBL ACCA Card• Ufone Debit Card

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.

Marketing InnovationSocial Media

FACEBOOK, TWITTER, UTUBE, ETCnot just to inform but to connect

Tailored Promotional schemesNeed for creation of USP more than everMore than a banking or financial consultancyCorporate social responsibility

Marketing Innovation

Model of Green Bank MarketingSponsorships– Standard Chartered Bank Liverpool FC– Barclays Premier League

Brand Ambassador – ICICI Bank India Shahrukh Khan

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”

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

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

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