Financial freedom is a top priority for Filipino millennials today with many of them being choosy in selecting the right bank, credit card as part of their life-changing decisions, states the latest Nielsen report.
The study by data analytics company Nielsen discovered that almost half of smartphone users in the Asia-Pacific region checked their bank accounts on their phones, while 90% also sought greater banking control including a consumer alert feature.
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While the ongoing digitalization of banking services ensured Filipinos easily applying for products like credit cards, these consumers however focused on choosing the right card to avoid it becoming costly in the long run.
“Millennials highlight choice of the right bank as an important decision in ensuring that they have the correct tools to achieve financial freedom,” Celeste Lim, FVP and head of Security Bank’s Cards Business Development and Operations Group, said while highlighting the rise of technology in expanding banking services for millennials.
Millennials use credit cards for e-commerce and cashless transactions, besides also viewing it as an ‘emergency fund’ for paying back in installments, Lim said, adding that they also seek from the card multiple features including easy usage in traveling abroad, getting transaction alerts, and being mobile-friendly. (AW)