What millennials want from financial services?

Millennials those between the ages of 21-34 getting older, and closer to the retirement finish line, usually means learning to financially focus more. On the things we need rather than the things we want through careful spending and eliminating debt.

But as we all know it’s easier said than done. Therefore knowing how to save towards a financial future is what millennials want from financial services. As well as convenience, a way to figure out what to do with their money and personalised services of benefits and such. Let’s look closer at each one of them.

Todays “it crowd” are choosing to invest their money for retirement.

Most millennials need help figuring out what to do with their money, as they are not confident in their savings strategies. This is according to the latest ‘Nielsen Global Generational Lifestyles Survey’ which polled 30,000 online respondents in 60 countries to better understand how consumers around the world save including those in South Africa.

However, choosing to invest a portion of your income to give you a financial comfort for the future requires financially savvy.

And this is where financial advisors can offer financial insights and portfolio growth strategies. And unless you are entry-level investors with more simplistic investment models sophisticated investors still want to consult the insights and expertise of an experienced fund manager.

For financial services to survive, they will have to play in the digital space
Investing has reached the palm of our hands. The millennial generation is tech-savvy with a level of comfort with their devices. They can compare different financial funds and are increasingly choosing automated systems to manage their portfolio.

Give them an app that makes their life easier, better or cheaper or an alternative financial and payment solutions, innovations in mobile money and mobile payment methods such as eWallet.

However the convenience of banking apps has also meant huge mobile technology security risk. Therefore there’s a need for importance of security best practices and innovation to stay a step ahead of the threat technology curve through ongoing user education.