Technology
Digital banking behavior research on millennials along with willingness to adopt a new product
18 Mar 2021
Context
- Client: Large
Fintech company
- Opportunity:
Client was interested in understanding 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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