It was only a few months ago when millennials officially surpassed baby boomers to become the largest living generation. Since millennials are so numerous, it stands to reason, that they could also become the most prevalent population of small business owners in the U.S. As a matter of fact, everyday there are hundreds of new start-ups being created by this younger demographic.
The appetite and need for data within businesses is continuing to grow at a rapid pace. Organizations are viewing data as a strategic asset and using analytical insights for everything from key business decisions, to the customer experience and more.
However, the methods for managing first-party data and ensuring it’s accuracy have not kept pace with the growing data demand. The majority of businesses today are still relying on siloed, departmental strategies for data management that have little data governance or consistency in terms of people, processes, and technology.
For those of you attending the Money 20/20 show in Las Vegas next week, billed as the largest global event focused on payments and financial services innovation, the topic of millennials will be top of mind. Why? Because the millenials are 75 million strong, even surpassing the Baby Boomers, and the financial services industry knows that future success depends on learning what matters to millennials and building products and services around those desires. This is true for both consumer lending and small business lending for budding entrepreneurs.