Financial Services
Millennial digital banking behavior research
15 Mar 2021
Context
- Company
Description: Leading Fintech company
- A leading Fintech company wanted to understand the digital
banking behavior of millennials, including:
- Customer lifestyle, goals & aspirations, purchase behavior,
brand preferences
- Banking behavior & pain points with current offerings
- Financial behavior, preferred payment and investment modes
- Willingness to adopt a new financial product / offering
Our approach
- Conducted customer survey (N = 500) for millennials (21-27 years
old) in
2 weeks across 5 cities (mix of metro and tier 1 cities) for different customer
archetypes based on age groups, employment status, gender, income, educational
qualification, educational background and years of job experience to understand:
- Lifestyle of millennials, purchase behavior, preferences &
needs
- Financial
and banking behavior along with usage, benefits and pain points
- Willingness
to adopt a new financial product / offering
- Conducted N = 25 in-depth interviews of financially independent
millennials in 2 weeks across 5 cities to understand their lifestyle and goals,
financial and banking behavior and willingness to adopt new financial offering
Praxis value delivered
- The client understood the lifestyle, goals and aspirations of
millennials, the gap in their aspiration and reality and the purchase process
of large ticket expenses
- The client also understood the financial and banking behavior of
millennials, their KPC, pain points and their willingness to adopt a new
financial offering
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