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Millennials use apps to buy transport, food, accommodation, fashion and beauty, and consequently, expect the same technology-driven convenience when it comes to customer service and communication from their bank.

This market, aged 21-37 in 2018, represents 14-million consumers or 27% of the South African population, and is arguably the most dynamic and prominent banking consumer base out there. Millennial consumers are the dominant force in the marketplace, wielding 55% spending power worth over R100bn per annum – more spending power than any generation before them. We need to fit in with them, not the other way around.

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Tags: Financial Literacy

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