The Millennial generation expects a lot more than digital savviness from their bank; they want a digitally capable bank that understands their financial aspirations, offers them help and solutions to achieve financial independence.
Khathu Ramoliko, sub-segment head for FNB Gold, says a large portion of the bank’s Gold customers is made of up Millennials, aged between 18 and 35. “This group of the population has enormous buying power and because of the multitudes of information they are able to access via digital channels, Millennials tend to be much more informed than people assume.”
Khathu says when it comes to banking needs most young people prefer to be in control of their money and the manner in which they transact.
“The need for control is one of the factors we’ve realised among our FNB Gold millennial customer base and we continue to provide tools to exercise more control. FNB Gold customers are now able to tap into self-help solutions across our banking App such as sending money via eWallet, setting up a savings or an investment account, reporting fraud, cancelling lost or stolen cards.”
Even though Millennials are often considered passive on most issues, research by Deloitte indicates that they do care about their future. The Deloitte survey shows that 56% of SA Millennials prefer full time employment while over 50% of those surveyed showed appreciation for the need to grow the economy.
“It’s important for Millennials to appreciate factors which could help or hinder the journey towards realising their aspirations. The South African millennial is also caught between a world where some are expected to look after siblings and less fortunate family members while at the same time, grappling with peer pressure to be seen to be making progress in their lives through accumulation of possessions.”
Khathu says this is one of the reasons Millennials should choose a bank that not only fits their lifestyle but one that shows consideration for both simple and complex needs. He says even though young people need a bank account, they also need access to housing finance to be able to own property, access to a personal loan to top up when in need of cash or to be able to save.
“These are some of the needs we are solving for as bank,” says Khathu. “Our consumer friendly multipurpose FNB App closed a lot of gaps for the millennial generation. The solutions we offer via the app go beyond traditional banking into lifestyle enablement, such as functionality to renew car license disks or getting the full history of a property that’s for sale through nav>>. We believe that we have the right solutions to service the needs of the millennial generation,” he says.