Serving the Millennial Generation - The Challenge and Opportunity for Financial Services Companies

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1 Serving the Miennia Generation - The Chaenge and Opportunity for Financia Services Companies May 2015 Christopher J. Perry, CFA Equity Research Anayst Today, the Miennia Generation (or Generation Y), broady defined by peope born between 1980 and 1995 (19-34 year ods), is the argest demographic group in the U.S. at roughy 80 miion or 7% arger than the Baby Boomers, those born between 1945 and By 2030, it is estimated that there wi be 78 miion Miennias versus ony 56 miion Baby Boomers. At that time Miennias wi represent 75% of the workforce! The growing significance and unique characteristics of this demographic group present both chaenges and opportunities for financia services companies. This paper wi discuss how these companies have unique attributes that appea to Miennias, but most have work to be done to adequatey address this emerging and ong-term growth opportunity. Miennias as a Group Are Poised to Succeed Generay speaking, Miennias have many differentiating attributes. For exampe, as the chart beow depicts, this generation has received a greater number of coege degrees than previous generations. Bacheor's Degree or Higher, Age 18 to % 20.00% 15.00% 22.30% 15.70% 17.00% 19.50% 10.00% 5.00% 0.00% Source: U.S. Census Bureau Whie Miennias have the greatest number of coege graduates with twice as many degrees conferred in 2009 as in 1970, they are paradoxicay buying their first homes ater than previous generations. In fact, homeownership among aduts under the age of 35 has sunk to 36.8% from a peak of 43.1% in The burden of student oan debt and a tentative job market foowing the Great Recession are ikey contributing factors and have payed a part in the significant gap in Miennias net worth compared to a other generations, as seen in the foowing chart. 1 2 Fair Isaac Corporation, Options and Opportunities, Forging Lasting Banking Reationships with Miennias, 2014, 2. Sarah Watt House, et a, Miennias in the Economy (Wes Fargo Securities, February 17, 2015), 1.

2 $250.0 Median Net Worth Thousands of 2013 Doars, Head of Househod Age $232.1 $200.0 $150.0 $100.0 M i e n n i a s $105.3 $165.9 $194.8 $50.0 $0.0 * $46.7 $10.4 < or oder Source: Wes Fargo Securities According to data compied by Moody s Anaytics, aduts under 35 had a savings rate of negative two percent in As a resut, many young peope are pushing back the age they marry or start to have chidren. As they sette down however, the vast majority (90%) of young renters sti pan to buy a home at some point in the future. 3 Whie some financia services companies have traditionay perceived this segment as ower income and sadded with student oans, they may be ignoring a significant onger-term opportunity. The good news for both banks and Miennias is that this generation is finay coming into its own, expanding beyond deposit accounts to take out mortgages, open credit cards and retirement accounts and even start saving for (their chidren s) coege education. 4 In Many Cases, Large Commercia Banks Aready Have the Customer Reationship Many Miennias sti maintain the reationship with the primary bank that their parents set up their first bank account. According to a Fair Isaac Corporation (FICO) study, 68% of Miennias have their primary account with a nationa bank, foowed by 15% with a credit union and 9% with a regiona bank. 5 Therefore, arge commercia banks may aready have the reationship and now they are faced with retaining these customers. This sounds simpe but is actuay a chaenge because Miennias are ess oya to their primary banks and are in fact five times more ikey than those over age 50 to cose a accounts with their primary bank. 6 Contributing factors incude high account fees and a negative experience with a customer service representative. Large banks shoud not ose sight of the differences of this demographic and perhaps manage them at the customer eve by providing them with a more personaized and a hoistic reationship experience, as opposed to managing at individua account eves that ook separatey at checking, debit cards and oans. 3 House, et a, Miennias in the Economy (Wes Fargo Securities, February 17, 2015), 1. 4 Mark Ranta, Why Miennias Live Up to the Hype (American Banker, Apri 7, 2015), 8. 5 Fair Isaac Corporation, Options and Opportunities, Forging Lasting Banking Reationships with Miennias, 2014, 4. 6 Fair Isaac Corporation, Options and Opportunities, Forging Lasting Banking Reationships with Miennias, 2014, 3. 2

3 Technoogy Investments Are a Significant Focus for Most Banks It is no secret that Miennias are heavier technoogy users. For exampe, 90% of Miennias use smartphones compared to just 38% for Baby Boomers. 7 Miennias are significanty more ikey to transact with their bank through a mobie device than any other age group. Many banks are aready aware of this striking difference. In 2014, Aite Group, an independent research and advisory firm, conducted a survey of senior IT executives at 100 arge banks around the word. Seventy-two percent of respondents indicated they woud increase spending in consumer mobie banking and 61% indicated they pan to increase spending in consumer onine banking over the next 24 months. 8 Banks are under pressure to deveop the means to provide both enhanced customer service capabiity and mobie functionaity. One way to address this and improve overa customer care satisfaction is by offering a banking app. If customers have embraced their mobie phones and are using them to interact with the ca center for hep, it makes sense to offer a mobie app to address customer service issues. Whie Technoogy Has Repaced Some Branch Bank Use, Bank Branches Are Sti Reevant FDIC research has found that technoogica innovations such as automated teer machines, onine banking and remote deposit capture have ed to fewer basic transactions being processed at physica branches. The research suggests this trend away from bank teer transactions towards nonbranch technoogies is ikey to continue. Despite this deveopment, physica branch banking continues to have a strong presence in the industry. In 2014, there were 2.9 bank branches per 10,000 peope compared to 2.2 in Even among Miennias, branches are sti key, as 53% say they visit a branch because they fee it is more secure and they seek more personaized service, especiay for their own persona finances. 9 Ceary, banks not ony need to embrace technoogy for service and retention, but aso they can everage their physica branches, which are important for buiding and maintaining persona reationships and trust among customers. Community Banks May Be in a Better Position to Be Recommended Whie smaer banks do not have the substantia financia resources and budgets of the arge banks, many ceary have the service advantage. According to the FICO survey, 56% of surveyed Miennias have recommended their bank in the past and a positive service experience is a cear driver for them to recommend their bank to others. 10 Service satisfaction ranks high for recommendation, but aso important are ower fees, friendy and hepfu assistance and providing reevant product options. Some community banks may aso be nimbe enough to offer the atest technoogy and services that appea to Miennias compared to arger banks that may get bogged down by egacy systems. Smaer banks aso have the advantage of generay having better post-financia crisis reputations, and it is up to them to capitaize on that by providing a famiiar persona touch. By being invoved in the oca community, banks can better connect with Miennias as this demographic typicay has a strong sense of socia responsibiity. 7 Fair Isaac Corporation, Options and Opportunities, Forging Lasting Banking Reationships with Miennias, 2014, 7. 8 David O Conne, Retai Banking Tune Up: Integrate the Channes, Tabet the Branches (Aite Group, 2014), 6. 9 Een Chang, Do Miennias Reay Want to Eiminate Banks? (MainStreet, Apri 1, 2014), Fair Isaac Corporation. Options and Opportunities, Forging Lasting Banking Reationships with Miennias, 2014, 11. 3

4 Weath Managers and Insurance Companies Are Aso Deveoping Adequate Systems With aggregate Miennias net worth expected to grow from just over $2 triion to $7 triion by 2018, 11 there is a substantia opportunity for companies to offer advisory and weath management services. Research has found that Miennias do not prioritize retirement savings, which presents another chaenge for their ong-term financia heath. Whie they are attracted to spending on things they enjoy today, they aso face the near-term chaenges mentioned previousy of paying off student oans and saving for a deposit to buy a home. Insurers and weath managers coud investigate pension products that enabe eary access to funds and obby governments to set up these products to hep dea with near-term financia needs in a tax-friendy manner. As the survey resuts in the graph beow show, Miennias are aso twice as ikey to turn to their parents for advice than any other source. Therefore, financia institutions are wise to maintain strong reationships and make sure messaging works for both audiences % 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 'Rank these sources of financia advice, in order of which you woud approach first' 51.88% 24.40% 15.74% Parents My Bank A Financia Advisor 9.85% Friends 2.79% 2.01% 1.98% Contact an insurer directy Schoo teachers Contact an insurer's agent Source: BNY Meon, Oxford University Insurance companies, especiay persona ines (auto and home) and ife insurers are aso faced with a need to review and adapt their business modes. As Miennias continue to adopt technoogy at an increasing rate, insurers may need to partner with technoogy firms and other providers such as auto manufacturers and utiity providers. Many of these companies wi have to baance the need for privacy among Miennias with the opportunity to everage insight gathered from connected technoogy devices. For exampe, by adopting Miennias use of smart devices, insurers have deveoped appications, such as a smart smoke detector for fire, water sensors that detect a eak in the home and then aert the customer s smartphone, and teematics for driving. It is estimated that by adopting programs such as these, insurers may drive 40-60% reduced risk in home caims and 15-25% reduced risk in motor vehice accidents, according to a Morgan Staney/Boston Consuting Group March 2015 report. 11 ThinkAdvisor, How Advisors Can Reach Tech-Savvy Miennias, February 10, 2015, 1. 4

5 Concusion Ceary the Miennia Generation offers a unique and growing opportunity for financia services companies. Many companies either aready have the toos or are rapidy investing in order to be successfu in meeting the growing needs of this demographic. The biggest mistake woud be to focus on just the currenty most profitabe opportunity: Baby Boomers. Going forward, financia services companies wi need to continuay ask themseves if their business mode remains reevant in serving Miennias and is nimbe enough to adapt to the rapidy changing times. At 1919 Investment Counse, we strive to anayze how companies are prepared to serve this generation recognizing that this execution wi ikey impact their own success. References: BNY Meon. New Rues for Engagement. September, BNY Meon. The Generation Game, Listen to your future, Or it won t isten to you. September, Chang, Een. Do Miennias Reay Want to Eiminate Banks? MainStreet, Apri 1, Contact Soutions/American Banker. Mobie Customer Care For The Financia Institution: A Mobie Imperative Contact Soutions/American Banker. The Mobie Imperative for American Banks Crosman, Penny. Wes Fargo Connects Its Branches to Digita Channe. American Banker, February 25, Fair Isaac Corporation. Options and Opportunities, Forging Lasting Banking Reationships with Miennias Hocking et a, Jon. Insight: The Emerging Roe of Ecosystems in Insurance. Morgan Staney/Boston Consuting Group, March 23, House et a, Sarah Watt. Miennias in the Economy. Wes Fargo Securities, February 17, Keenan, Charie. Miennias Behavior Brings on Age of Disruption in Banking and Beyond. American Banker, January 27, Marous, Jim. The End of Banking as Usua. Retai Banking Strategies for The Financia Brand. June 5, McKendry, Ian. Branches Aren t Going Away Just Yet, FDIC Says. American Banker, February 24, Media Logic. Messaging to Miennias: 10 Quick Tips for Financia Services Marketers O Conne, David. Retai Banking Tune Up: Integrate the Channes, Tabet the Branches. Aite Group, Ranta, Mark. Why Miennias Live Up to the Hype. American Banker, Apri 7, Stewart, Jackie. How Community Banks Can Win the War for Miennias. American Banker, Juy 25, ThinkAdvisor. How Advisors Can Reach Tech-Savvy Miennias. February 10, 2015 Todd, Sarah. How This Bank Wins Miennias Hearts and (Maybe) Accounts. American Banker, March 12, Wisniewski, Mary. Can Mobie Apps Prod Miennias to Save? This Startup Thinks So. American Banker, March 5, Wisniewski, Mary. Sma Banks Overcome Handicaps to Baze Tech Trais. American Banker, February 25, CHRISTOPHER J. PERRY, CFA Equity Research Anayst Chris is a Principa at 1919 Investment Counse. His primary responsibiities are as an Equity Research Anayst covering the Financia Services Sector and Portfoio Manager for the 1919 Financia Services Fund. Chris earned a B.S. in Business Administration with Finance concentration from Vianova University in 1989 and an M.B.A. with Investment Management concentration from Drexe University in Chris is a CFA Charterhoder and a member of the CFA Institute and CFA Society of Phiadephia. The views expressed are subject to change. Any data cited have been obtained from sources beieved to be reiabe. The accuracy and competeness of data cannot be guaranteed. Past performance is no guarantee of future resuts. 5

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