Australia is approaching an inflection point, where Millennials will eventually hold the most money of any demographic. This shift is indicated by Telstra’s Millennials, Mobile and Money Index (3MI™), which measures these trends through an eight-country study of over 27,000 consumers.
Financial organisations who are currently embracing digital transformation and mobile service provision have a chance to capture the loyalty of Millennial (18-34 year olds) customers as they sign up for their first savings account, take out their first mortgage and make their first investments.
At present, however, Australia’s financial organisations are lagging behind those of the UK and the US in terms of Millennial mobile banking adoption. Only 68% of Australia’s Millennials regularly engage via mobile, compared to 78% of American Millennials and 75% in China.
This is despite Australia’s 96% mobile penetration among Millennials, the highest of any nation surveyed.
These metrics place Australia’s financial industry firmly within the Legacy quadrant of Telstra’s 3MI™, where the greatest opportunity exists.
By further digitising their business models today, Australian financial institutions can take the lead in capturing loyalty before Millennials become the largest proportion of the population in 2028.
The Telstra Millennial, Mobile, Money Index (3MI©)
Mobile Banking Usage
Millennials in Population
Discover the latest technology trends impacting the way banking and finance institutions are interacting with their existing customers – and enticing new ones. Download the latest Millennials and Mobiles report.Read more