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Are You Prepared for Gen Y Consumers’ Banking Preferences?

In the present competitive financial services environment, firms are required to adequately understand consumers’ demands and accordingly design and develop customized products as well as services that suit the needs of all age groups. Generation Y (Gen Y) are young adults in their late teens and twenties, who will soon become the key banking customers. Neglecting this important group of customers, who are raised on technology and internet, could prove very costly to the banking industry. Financial decisions of these Gen Y consumers are not only dependent on corporate marketing messages but are also largely influenced by thoughts, experiences and beliefs of their peer groups.

It is extremely important for banks to meet the unique expectations of this tech-savvy generation that is better connected socially and globally. Banks are pushed to offer technologically advanced self-service features.

Customer Retention: Long-term retention of Gen Y customers calls for banks to improve upon coordination of their relationship strategies as well as their ability to manage a unique customer experience. In addition to a growing preference for simple products with add-on features, Gen Y customers also look upon banks to undergo a cultural shift while engaging with them online. Moreover, according to Deloitte Centre for Customer Solution, Gen Y customers are more inclined towards products and services that are linked to social interests.

Innovation: Obsolete and inefficient operating systems are an absolute ‘no-no’ for banks. Exploring newer systems that are well-integrated, agile and operate on real-time basis are at the heart of efficient, profitable and competitive operations. Designing of proactive strategies to explore the needs of Gen Y customers and accordingly develop distinct products is themost important need of today’s banking industry.

Communication: Financial e-communication is and will be the most critical area while serving any customer segment. Particularly for Gen Y customers, who are highly concerned about their financial future and are frequent users of social networking sites, cell-phones, blogs, internet and so forth, marketing activities that educate and influence their networks are exceptionally significant. According to the results of a study conducted by Fiserv to look into the financial habits and influences of Gen Y, a considerable segment of Gen Y respondents are users of online and mobile communication channels for banking services.

Thus, it can be concluded that the Gen Y is quite comfortable while navigating among different communication channels. These requirements are in turn heating up the competition space for banks and are forcing the industry players to re-think their strategies that help them stay relevant for tomorrow’s wealthy customers.