For brands to successfully carve a niche for themselves in this age, they have to ensure they strike a chord with millennials. Defined by the Pew Research Center as anyone born between 1981 and 1996, millennials are at the forefront of driving social and cultural changes and they play a key role in driving India’s economic growth. In India, millennials constitute more than 30 percent of the country’s population.
The consumption patterns of millennials are vastly different from the older generations and this has also had bearings on the relationships that millennials have with money and financial services. They are digital natives who are hyper-connected and their consumption stories are driven by the expansive choices that previous generations did not see. As such, it has become imperative for the banking and financial services industry to put their best foot forward to engage this highly consequential consumer group through ingenious remodeling of traditional banking approaches.
Standard Chartered Priority Banking is one such example of a service that is emerging to be well-suited for the millennial customer. Here are a few reasons why Priority Banking is being preferred by millennials.
Higher disposable incomes
According to a report published by Deloitte India and the Retailers Association of India in 2018, titled ‘Trend-setting millennials: Redefining the consumer story’, millennials are apparently the chief wage earners in India with a 47-percent share in the working age population and that millennials in India are “characterized by high levels of disposable incomes and are digitally connected individuals who are brand conscious whilst placing significant confidence/ emphasis on value derived from the product/service.” It is expected that trillions of dollars will be exchanged globally in the hands of the younger generation in the coming months. The higher disposable income gives millennials the privilege to prioritise spending on leisure activities and novel experiences. As such, Priority Banking is a more attractive option for them because of the host of lifestyle and other benefits it offers, not to mention seamless high-quality banking facilities.
The desire to explore expansive pastures
Millennials have a vastly differing outlook in life as compared to the older generations. This demographic group is highly educated, ambitious and does not feel weighed down by inhibitions when it comes to toying with opportunities that may not necessarily be in their comfort zone. They are well aware of the powers of innovation, have a wider understanding of worldly matters and at the same time they are also cognizant of the growing need for sustainability in all walks of life. All this has a bearing on their financial behavior and their perception of wealth management issues too. As such, millennials prefer propositions that talk to them and those that carry a certain element of relatability. Solutions that align with their ethos and are also speedy, reliable are of paramount importance for this globe-hopping demographic and that is a focal point in Standard Chartered’s Priority Banking services.
Tapping into the powers of digitalization
Millennials is that cohort that has seen the evolution of digitization from ground zero. Consequently, they are privy to the miraculous powers of technology. Digital is the new norm for this generation and they know that digital tools are the way to retain greater control in their hands in the domain of financial management too. Standard Chartered’s SC Invest empowers them to do that with their cutting edge ‘phy-igital’ integrated solutions. Banks need to have the ability to adopt new technology through open API and modify the processes that enable digital transformation and the strengthening of cyber security. Standard Chartered is continually investing in both talent and digital platforms to stay at the forefront of this trajectory. The communication apparatus at Standard Chartered is also constantly evolving so that it is in sync with the millennial need for digital communication on the go.
Paucity of time
If this generation is blessed with greater flexibility in terms of spending on recreational avenues, it is also the generation that finds itself battling with unprecedented stress levels and a lopsided work life balance. Multiple studies have indicated that millennials suffer from workplace anxiety and concerns about health, family and finances are also major triggers. Be it saving for retirement, paying off loans or while running on the 9 to 5 hamster wheel (commuting to work also adds to the long hours), millennials have little time to spare. Consequently, they are gravitating to banking services which offer prompt, customized services without compromising on reliability. Standard Chartered Priority Banking bridges the gaps that exist in traditional banking by leveraging the best of digital technologies and by providing customers benefits and services that are exactly tailored to their needs.
The lifestyle of millennials has barely any semblance of similarity left with that of the older generations. Social media trends play a major role in their purchases and they are not hesitant to spend lavishly on recreational activities. If it was unthinkable for their parents to seek loans for buying gadgets or taking a vacation abroad, the Indian millennial has no qualms in tapping into the various financial resources at their disposal to live up to the ‘gram’ worthy life. Luxury experiences are common in the list of aspirations of millennials and this is also one of the reasons why millennials are opting for Priority Banking. The host of lifestyle benefits such as dining privileges, concierge services that are granted to Priority Banking customers align well the tastes and requirements of the millennials.
Standard Chartered’s Priority Banking services have been carefully designed keeping in mind the needs and the choices of the millennial customer. It offers a suite of convenient, digital banking services that can spare you of the trouble of having to spend any extra time on banking services. From fund transfers, bill payments, financing solutions to insurance solutions for you and your loved ones, Standard Chartered’s Priority Banking has you covered. What’s more, as a Priority Banking customer, you will be entitled to a host of lifestyle privileges as well such as access to 1000+ international airport lounges, Golf privileges including golf course reservations, golf lessons and golfing events assistance and the chance to avail up to 20 % discount at over a hundred fine dining restaurants. Your banking experience will never be the same after you enter the world of Standard Chartered’s Priority Banking.
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