Financial Services
Millennial digital banking behavior research
15 Mar 2021


  • Company Description: Leading Fintech company
  • A leading Fintech company wanted to understand the digital banking behavior of millennials, including:
  • Customer lifestyle, goals & aspirations, purchase behavior, brand preferences 
  • Banking behavior & pain points with current offerings
  • Financial behavior, preferred payment and investment modes
  • Willingness to adopt a new financial product / offering

Our approach

  • Conducted customer survey (N = 500) for millennials (21-27 years old) in 2 weeks across 5 cities (mix of metro and tier 1 cities) for different customer archetypes based on age groups, employment status, gender, income, educational qualification, educational background and years of job experience to understand:
    • Lifestyle of millennials, purchase behavior, preferences & needs
    • Financial and banking behavior along with usage, benefits and pain points
    • Willingness to adopt a new financial product / offering
  • Conducted N = 25 in-depth interviews of financially independent millennials in 2 weeks across 5 cities to understand their lifestyle and goals, financial and banking behavior and willingness to adopt new financial offering

Praxis value delivered

  • The client understood the lifestyle, goals and aspirations of millennials, the gap in their aspiration and reality and the purchase process of large ticket expenses
  • The client also understood the financial and banking behavior of millennials, their KPC, pain points and their willingness to adopt a new financial offering
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