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We’re not going to have a conversation about millennials | Mumbrella360 video

In this video from June's Mumbrella360 conference, a panel of experts from start ups to well-established banks discuss the 18 to 35-year-old market: "the biggest generation ever from a wealth control perspective."

Discussions about the 18 to 35-year-old market can often find themselves harping on one particular word: millennials. Moderator Jules Hall, CEO of The Hallway, kicks off the conversation at June’s Mumbrella360 conference with a promise to the audience: “What we’re not going to do today is have a millennials conversation, this is not what this is about.”

Dave Malcolm, Australian co-founder and head of marketing at food tech startup Marley Spoon kicks off with an explanation of how the younger demographic, while fast at adopting new products, are also a lot more likely to chop and change their minds.

“The younger demographic tend to be much faster to adopt, but also… less passionate about the connection, far more willing to disengage, re-engage, churn, skip, try other things.

“Of course the benefit that comes with that behaviour is quite a lot of vocality around your product and service. In essence, faster to adopt, but rapidly changing with very very high expectations in terms of quality.”

Carolyn Bendall, head of marketing, Australia Division at ANZ agrees with Malcolm, adding that “it really comes down to that realm of expectation around the experience.”

“Whereas that generation before the cohort we’re talking about were reasonably open to adapting to whatever experience – and it was a pretty general standard bank experience. This generation, their experiences are being set by other categories, well and truly outside banking. So their tolerance for friction in a process is exceedingly low.”

Aisling Finch, director of marketing Australia and NZ at Google goes on to explain how automation is one of the key areas Australian businesses need to look at in order to compete with the rest of their global peers in the customer experience space.

This video is from a session at June’s Mumbrella360 conference. To see more videos from the conference, click here. 

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