Millennials are 2.5 times more likely to switch their bank compared to Baby Boomers. Should banks be worried? Can customer loyalty be restored? Where do banks go wrong and lose their valuable millennial customers?
Millennials wish for minimum fuss in their banking activities. They have high expectations on technology to make things simpler for them. The sheer size of this segment in the Indian market makes it difficult for banks to give it a miss. At 440 million and growing, millennials currently make up 46% of the workforce and 70% of the total household income.