How this New Power Persona is Reshaping the Finace Industry
Affluent Millennials — those with at least $100,000 in investable assets excluding real estate — have a uniquely progressive view of the future. They envision a cashless, sharing-based economy where banks no longer serve as their primary financial institutions.
Affluent Millennials have very strong expectations of a looming financial crisis. However, they also have very high confidence in the country’s economic growth. Additionally, belief in the American Dream is much stronger among Affluent Millennials than any other group studied.
Affluent Millennials want to do whatever it takes to realize their vision for a brighter tomorrow. Seventy-two percent of Affluent Millennials agree that making sacrifices today will pay off later as they pursue their big dreams.
The 15.5 million Affluent Millennials in the United States today spend a staggering $2 trillion annually. In the coming years they will also be on the receiving end of a massive generational wealth transfer of $59 trillion. This shift will drastically change the primary persona targeted by financial services firms. How can financial services providers prepare for these drastic changes?
” Transformation not only of how such companies interact with customers, but also how they rise to the Digital Transformation challenge via internal reorganization…. the essence of digital transformation comes down to people and how their digital behaviors differ from that of the traditional customers before them.” FROM Digital Transformation by Any Other Name? Post