Dr Dennis Khoo, head of group retail digital at UOB said that the digital generation of consumers want simplicity and engaging user experiences. Business Insider/Jessica Lin One of Singapore’s largest banks has announced it is launching a digital bank brand that will target young, digitally-advanced customers across key markets in the region. Named TMRW (pronounced “tomorrow”), UOB’s new digital bank will be rolled out for the first time in Thailand, where a pilot programme has already started with 1,500 customers. With an aim to launch in a second market towards the end of the year, the digital bank’s other markets will eventually also include Indonesia, Singapore, Malaysia and Vietnam – encompassing a customer base of between 3 million and 5 million users in the next five years. Millennials bank differently At the announcement held on Thursday (Feb 14), UOB said that 60 per cent of Asean is under 35 years old, and more than 70 per cent of Asean … [Read more...] about UOB is going after Asean’s millennials with a digital bank called TMRW – and its biggest draw could be a game that levels-up with savings
Millennials banking habits
Move Over Millennials, It’s Gen Z’s Turn to Kill Off Industries
Millennials have been accused of killing so many products and industries—taxis, landlines, snail mail—that it’s become a media trope. But millennials are old news. Today, businesses and marketers are desperately anticipating the murderous whims of Gen Z, the demographic born after 1996. Sometimes called “post-millennials” or “iGen,” Gen Z makes up more than one-fifth of the U.S. population and is the most racially and ethnically diverse group in the nation’s history. They’re true digital natives who report being online “almost constantly,” according to a 2018 study by Pew Research Center. (Psychologists have said their technology use has produced a national mental health crisis.) More than 70 percent of Gen Zers influence their family’s spending, according to a 2017 report from International Business Machines Corp. and the National Retail Federation. With that kind of sway and billions of dollars in spending power, … [Read more...] about Move Over Millennials, It’s Gen Z’s Turn to Kill Off Industries
Cash-only transactions may limit your spending habits
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By Tracy Hanes Special to the Star Tues., July 3, 2018 If you’ve been too indulgent with your spending habits and have gained some uncomfortable debt, it may be time to try a cash diet. Rather than spend with credit or debit cards, a cash diet means using cash — and only cash — for expenditures. Going all-cash for the short term will help you develop an awareness of your spending, says Christine White, a money coach with Money Coaches Canada, who works with clients in Toronto East and Durham Region. “As humans, we are very visual. There is a study that found when we hand cash over to people, pain sensors fire in our brain,” says White. “When you swipe a debit or credit card, it doesn’t have the same engagement with the brain. And many credit cards have rewards, so we think we are getting something when we use them. Article Continued Below “A cash diet is a phenomenal awareness tool,” adds White. … [Read more...] about Cash-only transactions may limit your spending habits
Millennials under threat of ‘affluenza’
Since the early 2000s, Hollywood has shown how a consumptive culture causes destructive addictions. In some cases, these addictions can even become “contagious”. A case in point is Confessions of a Shopaholic. Through this film, Rebecca Bloomwood (Isla Fisher) portrays the millions of cinema-goers who share her habit of using credit card debt to fund an obsessive lifestyle. Meanwhile, The Joneses depicts a consumptive lifestyle by a harmonious and wealthy family who push their neighbors to buy the luxury products that they show off. These Hollywood predictions haunt the millennial middle class in Indonesia. The Boston Consulting Group (BCG) has stated that in 2012 the number of middle-class and affluent consumers (MAC) in Indonesia was 74 million people, and predicted that this number would continue to increase to 141 million people in 2020. The middle class has always been known as the engine of change, especially in relation to economic and social changes in the history … [Read more...] about Millennials under threat of ‘affluenza’
Millennials steering clear of credit cards could be driven by debt, experts suggest
By Lisa Fu Bloomberg Tues., Feb. 27, 2018 NEW YORK—Millennials have been accused of disrupting many industries, from newspapers to brick-and-mortar stores. Credit cards appear to be next in line. Just one out of three millennials carries plastic, according to a Bankrate.com survey, compared to the majority of older Americans. In addition, a Fed survey found the 18 to 24 demographic preferred to pay cash more than others. And if they do carry a card, it tends to be of the prepaid or debit variety, TD Bank found. None of that bodes well for banks such as JPMorgan Chase & Co. or payment networks such as Visa Inc. and MasterCard Inc., since the fees they earn from debit card transactions are less than those earned via credit cards. The 2008 global financial crisis and ballooning college tuition may have also scared some millennials away. Read more: Millennials less knowledgeable on credit reports, study finds Article Continued Below Is your teen … [Read more...] about Millennials steering clear of credit cards could be driven by debt, experts suggest