Who are The Millennials?
We are surrounded by millennials today. May be most of us are millennials. According to Pew Report anyone born between 1981 and 1996 is considered to be a millennial and this age range makes them the largest adult cohort worldwide today. That’s huge! A generation of digital natives – that’s what we call the millennials. A generation of youth that grew up when technology was spinning the world in a revolution. A generation of tech-savvy people who started when technology was still analogue and then adapted to a touch-screen way of life, have high expectations from streamlined digital processes and services. The FinTech sector today understands that they need to target these 18–36 year-olds who are not just tech-savvy but are astute money handlers and have a strong sense of what they want and how they want it. Mr. Satyam Kumar, CEO and Founder of LoanTap says, “Millennials are smart and a very prudent generation of youngsters. These borrowers have the world on their fingertips, so they believe in making very informed decisions. When it comes to borrowing decisions, they are more likely to turn to sites for price comparisons, or go to traditional lenders or people they have a history with or have known before.”
Millennials are dynamic and tech savvy, definitely believe in the power of research. The finance industry understands that this demographic believes in old school relationship building and having a personal contact with lenders in person than just being online. Millennials are a part of a swelling demographic and companies like LoanTap understand that they are an ambitious and an aspirational generation.
Millennials Living a Rare Era and LoanTap Understands
We know that the cost of living is increasing and millennials are facing the brunt of it in the form of steep monthly expenses. So, FinTechs try to tailor-make schemes that can help them tide over those difficult but rather important events in of their lives. Say, for example, wedding, honeymoon, international travel, healthcare emergencies are just some examples where lending companies like LoanTap can help them manage their cash flows without disrupting their budgets. Mr. Satyam continues, “Millennials are hugely tech savvy, expecting seamless and digitally enriched customer experience at the mere press of a button. Yet, they value relationships. The best way to reach out to this huge audience is by being transparent, being prominent and visible and most importantly, giving them the freedom to connect as per their requirement.”
The world went through the great recession, the great resignation, the pandemic and that played out in the form of changing economic climates all over the world. The economic overhang made the millennials conscientious spenders. We know this demographic are fast moving to digital banks and crypto. And while they are doing all of that, are also being defined by debt. Companies like LoanTap have hence, created loan solutions with flexi tenures, and really convenient options like 3 months interest only payments and Bullet payments towards principal every 3/6 months amongst others. Their processes and solutions are transparent and there is no foreclosure or pre closures that may put the borrower in a spot.
Tailor-Made Solution for an Astute Demographic
The financial sector definitely respects this generations’ demand for transparency, simplicity and options to decide what suits them the best. Communication is key with this generation. With technology on their fingertips, they expect nothing less than seamless transactions and processes that are all done online. Engaging with them from the start, employing all their channels of communication and information and building their trust is key to leveraging this generation and that remains the key principle. Millennials are home buyers, and have a huge penchant for new vehicles. Millennials being aspirational as they are, have increased the opportunities for payday loans or auto loans etc.
LoanTap CEO and Founder, Mr. Satyam goes on to say, “Millennials are adaptable and tech savvy. They are the largest users and customers of fintech. That’s Lifestyle Banking for you. MENA region itself has seen a huge growth in the fintech sector. They respond better to non-financial products and hence can be lured with services instead of offers. They want accountability coupled with authentic, honest experiences of services. They want the advancements of technology along with the human presence. They are descendants of baby boomers. They have seen their parents’ struggle. So, they want to do away with inconveniences. Give them a mobile app frontage, or a digital one. While the world thinks they throw caution to the wind, that’s not entirely true. They are risk averse and yet aspirational. Hence trusted fintech companies have their job cut out. Hand hold the millennials but keep them independent.”
Millennials are an aspirational generation and LoanTap understands that philosophy of this generation. To show this support, LoanTap gives improved financial assistance with customised solutions that they can use at various stages of life. Be it experiences like vacations or buying lifestyle upgrades like gadgets and devices, higher education or healthcare, or debt management, LoanTap assures financial assistances with lower credit rates and must faster processing times. This gives them the leeway and freehand of aspiring to lifestyle they desire and deserve. ‘Bringing Dreams to Life’ while bestowing the ‘Freedom of Choice’ to our customers is our embedded ethos and we will continue to work towards that and materialise the life that they deserve.
Read more about LoanTap here.
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