Singapore-based bank DBS is hoping an aquatic event can help it ride the millennial wave.
The bank is marketing directly to that generation — often defined as those aged 18 to 35 — for a regatta this Thursday to Sunday in downtown Singapore. What began as a dragon boating event in 2013 is now firmly geared toward millennials, featuring the country's largest inflatable obstacle course, a 21,000 square foot "pop-up" urban beach, yoga workout sessions and a mass drone light display show.
The youngest adult generation is a particularly desirable clientele because it is projected to make up 45 percent of the Asia Pacific population by 2020, according to Accenture.
Millennials will therefore form the bank's largest costumer base in the coming years and banks such as DBS are paying close attention to the spending patterns and trends within the segment. In fact, that generation's habits could even put banks out of business: The Millennial Disruption Index from Viacom Media identified banking as at the "highest risk of disruption."
That report found 33 percent of millennials interviewed said they wouldn't need a bank at all: With the rise of digital payment systems, many are turning away from the traditional brick-and-mortar banks.