INTELLIGENT BRANDS // Mobile Technology
GCC FinTech startups
‘cash in’ on Millennial
banking demands
G
CC Financial Technology
(FinTech) startups are
cashing in on the alwaysconnected banking habits of
Millennials, industry experts
announced today in the build-up
to GITEX 2016. There is a surge
in growth of “moneyhawks” – the
high-income, and under-35-yearold customers who want constant
mobile access to their banking
and finance accounts. Banks
70
INTELLIGENTCIO
often struggle to profit from their
customers.
Millennials in the UAE are a key
target for banks.
The bottom 28% of customers
give a 22% profit loss, due to
cashing checks at branches or not
paying back loans. Moneyhawks
are only 16 percent of banks’
customers, but generate the
majority of profit, especially from
digital payments, according to
the Database Marketing Institute.
About 60% of the population is under
25 years old, and the GDP per capita
is over $48,000, the second-highest
in the Middle East and North Africa,
according to a recent report by the
Kuwait Financial Centre, Markaz. “UAE
Millennials do not want to wait at
bank branches – they want constant,
secure, and easy access to their
www.intelligentcio.com