Aspire Systems, the well-known technology services firm, has recently launched a brand new technology framework for millennial banking systems. This will help Indian banks reach out better to millennial customers and cater to their changing requirements. This framework will help banks in India scale up their markets and will also help them tap into new revenue channels along with spurring greater innovation. Millennials are kept firmly at the very centre of the entire value chain and third party partnerships are strongly emphasized as well.
These partnerships may be with solution/service partners or even payment providers and aggregators. The engagements with millennials encompass areas like higher social connectivity, higher mobility and contextualized analytics, which can be integrated into the scalable cloud for providing top-notch digital banking experiences to millennials with higher levels of compliance, risk-management and security. Millennials are one of the biggest demographics in the country and the numbers are only expected to go up in the future. Smartphone adoption is also rising swiftly amongst this generation. Millennials want simplified and easily decoded financial narratives and as per reports, a whopping 73% would take interest in any new financial service offered by Amazon, Google, Square, PayPal or Apple than being interested about new products offered by national banks.
Banks in India have to steadily evolve in order to take care of millennial banking requirements. This framework from Aspire Systems will be of immense help in this regard. The framework is tailored to put customer outcomes ahead of everything else, thereby helping banks become trusted and reliable advisors for millennial customers. The framework launch is a part of the unique Millennial Banking Awareness Initiative that has been launched by the company for Indian banks.