Over the last several years, millennials have been upending the consumer market as companies scramble to find the best way to attract the world’s first group of digital natives, a wily lot who thrive on innovation, automation and all of the latest tech gadgets.
As more of these young adults enter the workforce and begin investing in their futures, businesses are quickly realizing they will have to change their approach to appeal to this demographic’s unique set of needs and expectations, which are on course to completely disrupt the status quo. In other words, it can’t just be business as usual with the smartphone generation.
While millennials have been saddled with some unflattering labels in recent years, including “narcissistic,” “entitled” and “trophy kids,” this tech-savvy bunch has also been hailed for being more progressive and open to new ideas than previous generations.
Millennials value transparency as well as convenience. They essentially demand to have a personalized product or service at their fingertips wherever and whenever they need it, according to research that focuses on how banks can reinvent themselves in the millennial age.
These defining characteristics are what companies need to keep in mind if they want to maintain their competitive edge in this climate of lightning-fast technological change. This has never been truer than for fintech, a field I’ve watched evolve into being more hands-on, user-friendly and fun, thanks to the advanced automation and AI technologies that have been flooding the IT sphere.