Designing digital banking millennials will like – podcast

Recap of the Fifth Third podcast on banking to Millennials

80 million millennials comprise this target customer segment
• Largest generation period in history
• Largest generation to inherited most amount of money

Geological home visits – research firm
• How they are operating on a day to day basis
• What they want in life from high school to college to married with kids

Learned Efforts in Research – research firm
• Myths around live at home and sponge off parents
• Myth is that there is a lot debt and no money

First time home owners – starting to purchase True
• Myth is they have more debt

Truth is different kind of debt – intangible good is student loan debt
• 60% attend college vs 47% for baby boomer
• 50% take loans for school vs 1990’s which was 30% take loans
• Change in behavior is more tech savy at an earlier day

What are the solution we can provide in the banking world?

Fifth Third created 6 innovation pathways to grow with millennials
• Tested with all three generations
• Fifth third Momentum – App = production launch
• Targeting checking and debit accounts in which you round up their debit card purchases to the nearest dollar or by a dollar and take that money and pay it down directly to student loan for them.

o Loans are causing a delay in growing up since they are paying on loans so much early on
o Need to help them without creating a new thing for them to do and burden them and put a task on them)
o Take what they already do and make it beneficial for them – bank automation
o Will help them pay down student loan debt 3-5 years earlier
o Next step to allow a step up option for pay down planner for student loans
o Add credit card , add ability to pay down more ,
Fifth third roadmap
o Not just saving goal planning tools but help you to actually partition your money and overall plan for savings and paying.
o Robo investing and micro investing options in the digital space
o Myth Digital belief only digital – want to operate across
 Basic needs mobile
 Talk to human when they have a higher need – conversation about home buy, married and combine accounts, how do I partition money to achieve
o Results – starting to grow with millennials
 40,000 downloads in first 5 months
 Swiping cards more

Listen to the full podcast with Melissa at First Third

 

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