{"id":6983,"date":"2017-06-05T14:12:54","date_gmt":"2017-06-05T14:12:54","guid":{"rendered":"http:\/\/www.telecomstalk.com\/?p=6983"},"modified":"2018-06-22T14:18:28","modified_gmt":"2018-06-22T14:18:28","slug":"millennials-mobiles-matter-theyre-voting-money","status":"publish","type":"post","link":"http:\/\/www.telecomstalk.com\/?p=6983","title":{"rendered":"Millennials and their mobiles matter most, and they\u2019re voting with their money"},"content":{"rendered":"

UK millennials have surpassed all other demographics to become the most valuable group for financial institutions, Telstra global report finds<\/em> <\/strong> 5 July 2017, London \u2013 <\/strong>A new global report released by Telstra reveals that United Kingdom (UK) millennials have become the most valuable demographic group for financial institutions with UK millennials\u2019 average wallet size[1]<\/sup><\/a> now 40 per cent greater than the UK adult demographic. As millennials drive interactions and demand mobile engagement in a manner never before seen in financial services, traditional institutions need to adopt a mobile-first digital strategy or risk disruption from bourgeoning digital challengers.   In the \u201cExponential Performance \u2013 in a Millennial, Mobile, Programmatic World\u201d <\/em>report, Telstra has commissioned the inaugural Millennial, Mobile, Money Index (3MI\u2122) to observe how well financial institutions are transforming their businesses and models in response to demographic and digital disruptive trends.   \u201cMillennials, their consumption of mobile digital and wallet size have undoubtedly become lead indicators of performance for financial institutions,\u201d said Rocky Scopelliti, Telstra\u2019s Global Industry Executive for Financial Services.   Telstra\u2019s research found that UK millennials average wallet size has now overtaken all other demographic segments by the largest margin compared to other countries studied, making millennials more lucrative to the financial services sector than ever before. As digital challengers continue their relentless growth in the UK market, leveraging programmable disruptive technologies to transform and compete against new breeds of organisations is an imperative for traditional institutions,\u201d said Mr Scopelliti.   Telstra\u2019s comparison of UK main banks across the 3MI\u2122 found that Barclays Bank has the largest proportion of millennials among its customer base (42 per cent), the largest main bank market share (16 per cent) and Barclays Bank millennial customers are most likely to engage with the bank via mobile banking \u2013 over 70 per cent do so each month.   Ashok Vaswani, CEO of Barclays UK, said \u201cIt\u2019s encouraging to see the digital transformation of our business making a real impact with customers. People in the UK are living increasingly connected lives and the rapid adoption of our mobile services is a great strength for Barclays in the UK.   \u201cI believe that a mobile first approach is making banking easier, more convenient and more intuitive for customers as we connect them to new services and value. giraffe phone case iphone 8<\/a> I believe this can be a winning strategy not just with millennial customers, but for all the customers we serve.\u201d   Telstra\u2019s additional research of 164 global financial services executives found that most traditional organisations still need to transform legacy business models to become more agile against digital challengers. Digital challengers that leverage accelerating technologies such as artificial intelligence, cloud, APIs and robotic process automation, can enjoy cost savings of 67 per cent in operating expenses and 98 per cent on customer acquisition.   \u201cInvesting in the right programmable technology to radically reduce either the cost of customer acquisition or the marginal cost of service will give rise to a modern financial services institution that is digitally-led and can provide intricate and meaningful services that react to the needs of a demanding, mobile millennial in real-time,\u201d Mr Scopelliti said. <\/strong> ENDS<\/strong> <\/strong> <\/strong> Media contact: <\/strong>Kelly Mancaruso Email: <\/strong>Kelly.mancaruso@proactive-pr.com<\/a> Telephone<\/strong>: +44 (0) 1636 704 888   Barclays Contact:<\/strong> Simon Hailes Email: <\/strong>Simon.hailes@barclays.com<\/a> Telephone: <\/strong>+44 (0) 207 116 4893 <\/strong> Media reference number:<\/strong> 072\/2017 <\/strong> About the research <\/strong> The data reported in the Telstra 3MI\u2122 was collected from more than 27,000 consumer research interviews, conducted in eight markets through 2016. The sample included over 8,000 millennials (18-34). Interviews were conducted online and required interviewees to note the products they held with financial institutions, the value of these product holdings and how they conduct their banking activities. power case iphone 6<\/a> In addition to the consumer study, 49 institutions were included in the Telstra 3MI\u2122 and a total of 77 financial institutions were analysed for their market share of millennials.   Research on exponential organisations and technologies conducted by Ismail, Malone & Van Geest and published by the Singularity University to determine where an organisation is positioned and its pathway to becoming an Exponential Organisation using a methodology referred to as an \u2018Exponential Quotient\u2019. We used the Exponential Quotient diagnostic tool in an online study of 164 financial services executives across eleven countries, carried out between January and March 2017. popular iphone 8 cases<\/a> We sought to understand the degree to which executives thought their institutions were exponential-ready and the perceived readiness gap between traditional institutions and FinTechs <\/strong> About Telstra <\/strong> Telstra is a leading telecommunications and technology company. We offer a full range of services and compete in all telecommunications markets in Australia, operating the largest mobile and Wi-Fi networks. iphone 6 case guess<\/a> Globally, we provide end-to-end solutions including managed network services<\/a>, global connectivity<\/a>, cloud<\/a>, voice<\/a>, colocation<\/a>, conferencing<\/a> and satellite solutions<\/a>. We have licenses in Asia, Europe and the United States and offer access to more than 2,000 points of presence across the globe. iphone 7 plus phone case rabbit<\/a> For more information visit www.telstra.com<\/a>.   [1]<\/sup><\/a> Average wallet size is defined as total balance value of deposits and lending held by Millennial. <\/p>\n","protected":false},"excerpt":{"rendered":"

UK millennials have surpassed all other demographics to become the most valuable group for financial institutions, Telstra global report finds<\/em> <\/strong> 5 July 2017, London \u2013 <\/strong>A new global report released by Telstra reveals that United Kingdom (UK) millennials … Read More<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6983","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts\/6983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6983"}],"version-history":[{"count":2,"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts\/6983\/revisions"}],"predecessor-version":[{"id":7542,"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=\/wp\/v2\/posts\/6983\/revisions\/7542"}],"wp:attachment":[{"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6983"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.telecomstalk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}