To reimagine millennial engagement strategies, Aspire Systems has launched a technology framework for millennial banking to give banks a head-start to transform next-gen customer experiences
Chennai, 5th September 2017: Leading technology services firm Aspire Systems launched The Millennial Banking Technology Framework for banks to wade through millennial customer paradox, making it every global bank’s guide to survival in the millennial age. In India, banking is on the cusp of radical change while banks are living dangerously at the whim of the digital-savvy millennial.
The Millennial Banking Technology Framework would help banks expand their markets, drive new revenue streams and foster a climate of innovation. It has millennials at the center of the value chain with a strong emphasis on 3rd party partnerships. These partnerships could be with their service partners, solution partners, aggregators or payment providers. The layers of millennial engagements extend into Accelerated Mobility, Amplified Social Connectivity, and Contextualized Analytics that fit into the Scalable Cloud to deliver digital banking experiences with the highest standards of risk management, security and compliance.
Millennials are emerging as one of the largest living demographics in India and smartphone adoption is on an exponential rise among them. They expect complex financial narratives around their lives to be decoded and simplified. According to the Millennial Disruption Index, 73% would be more excited about a new offering in financial services from Google, Amazon, Apple, PayPal or Square than from their own nationwide bank. The days are numbered for banks that don’t get it right as they are now at the highest risk of disruption.
Srini Peyyalamitta, VP, Banking & Financial Services at Aspire Systems has strongly advocated the need for banks to move from being product-centric to become more customer-centric. He continues, “Banks definitely need to brace themselves for the millennial banking revolution. Millennials seek trust from their banks and this Millennial Banking Technology Framework is designed to put customer outcomes at the forefront making banks their trusted advisor. This framework is launched as part of the Millennial Banking Awareness Initiative that the company is running throughout the year for Indian bankers.”
