Millennials are about to make the biggest impact of various generations before, a technological impact, fueled by new innovations. The 80M Millennials are set to inherit and earn tens of trillions of dollars in the coming decades. They currently make up $600B in spend in our marketplace today, which is poised to grow to $1.4T by 2020. The banking industry in particular needs to be on the cutting edge, or they risk missing one of the biggest waves in history that will simply be driven by Millennials, Data, AI and our Mobile Devices.
From the open web, wikileaks, to our own media, Millennials have at their fingertips, all the data that makes them attuned to the banking industry's strengths and shortcomings (as well as other businesses, not just including banks). Over 30% of millennials think that the rise of new innovative Fintech business models (according to the Millennial Disruption Index, a 3 year survey of 10,000 Millennials), banks won't be needed at all. 60% feel like banks fail to keep up with the personalized needs that Millennials truly need, resulting in the belief that financial institutions will not exist as they do today, within their lifetime. Millennials don't want an ordinary banking experience, they want speed, agility, the ability for data and artificial intelligence to foster a valuable relationship between the Millennial and the digital realm they interact with daily.
How can banks stay relevant? How do banks produce value rather than just helping people get more into debt? How do they innovate as fast as nimble startups that want to move the dial and win over Millennials as the stream changes directions?
Millennials want new and innovative financial products and services from startups to help them get out of savings slumps and help them towards a better financial future. We value products, services and people that simplify our lives, provide automation and real financial direction. The problem is, we operate our daily lives in the fast lane with our mobile devices being the catalysts. We rely our devices to deliver to us the most relevant, factual, and meaningful data - but that is not always what we receive.
Businesses need to better understand the Millennial Generation. The Millennial generation's knowledge is vast due to how we spend our time on the open web, learning things that are not just confined the the USA or other continents. Millennials are more worldly, traveled and have had access to information without barriers, making the Millennial Generation one of the smartest generations to date. Businesses can benefit from Millennials, and Millennials from businesses by picking up on the positive trends and interactions that make us evolve towards a more efficient and effective society. It is our job and corporate responsibility as corporations to sculpt solutions that improve our health, our financial status, our efficiency and effectiveness.
To make the human condition better, we must understand the meaningful variables that exist in our environments, while filtering noise (anomalous information) to provide businesses actionable suggestions on how to make customer's (Millennials) lives more fulfilling - evolving the human condition.
Entrepreneurial Journeys and Wisdom from Wise Humans
