Which strategy should retail banks pursue in order to successfully engage the Millennial Generation?

Abstract

The Millennial generation, also known as generation Y, is shaping the activity of retail banks in profound ways. This thesis aims at unveiling the main characteristics of Millennials, how they relate with banks and how the latter can adapt to them. In order to do so, it was performed a survey on both generation X and Millennials in order to understand the main differences between them in what concerns their preferences as retail banking consumers. In addition, it was also performed a focus group with participants of the Millennial generation in order to consolidate the findings of the survey. Finally, it was also performed an analysis on the strategy of an international retail bank that has been reshaping its business model with the intent of adapting to the modern times of technology and Millennials. To meet the Millennial challenge, retail banks will need to deeply change their business models and focus on a more proactive and customized relationship, invest in developing their mobile banking services and acknowledge the relevance of the social media in their relation with the clients

Date of Award	18 Oct 2016
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Rute Xavier (Supervisor)