Technology - The key to engaging Gen-Y customers

13/07/2011 Study
Etude disponible uniquement en anglais. Banks cannot afford to ignore Gen-Y. In a report, Catalysts for Change: The Implications of Gen-Y Consumers for Banks, Deloitte says Gen-Y could become the wealthiest generation ever. “In addition to the growing inter-family wealth transfer, their cumulative earnings are projected to increase be able to capture the insights they gain from their conversations with Gen-Y and be able to use what they learn. In addition, banks need to be flexible enough to meet the expectation of these new customers who are very different from the generations that preceded them. In their book, Born Digital: Understanding the First Generation of Digital Natives, John Palfrey and Uri Gasse argue that there are three distinct characteristics of Gen-Y whom they characterize as “digital natives” - they are born after 1980, they all have access to networked digital technologies and they have the skills to use these technologies2. Hence, attracting and engaging with Gen-Y requires a shift in bank’s communication, marketing, operations strategy and technology infrastructure. Over the last year and half, Efma and Oracle and have conducted a number of surveys to assess the preparedness of retail banks to serve this segment1. What we found that by and large, banks have failed to integrate critical elements that are necessary for a Gen-Y strategy. While the social media is good for conducting a conversation it is not very good for the nuts and bolts of signing up customers, tracking them and retaining them. As a result, banks must go beyond revamping their front offices. Their strategy for Gen- Y must integrate all parts of a bank including their back office systems, business intelligence and their risk and compliance infrastructure. In other words, banks must modernize their aging technology infrastructure.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

30/03/2024 News

Volvo Financial Services and JA Worldwide extend partnership for youth financial literacy

Through VFS employee volunteers and JA's curriculum, the partnership aims to equip youth with essential financial skills and insights into...

11/03/2024 News

QIC launches interactive edutainment branch at KidzMondo Doha for young explorers

Qatar Insurance Company (QIC) has recently inaugurated its engaging educational establishment at KidzMondo Doha, situated within the Mall of Qatar.

Digital Reinvention
16/12/2023 News

BPI ventures into virtual realm with AGE Planet Craft Tycoon

The immersive experience unfolds in a galaxy where players strategically invest in resources to develop a sustainable planet. BPI's entry...

Digital Reinvention
02/10/2023 News

CBA's Kit app revolutionizes financial education for kids

Commonwealth Bank of Australia (CBA) is making waves in the realm of financial education for children with its Kit app....

26/06/2023 News

Santander Mexico launches a videogame to bring personal finance to children

Banco Santander Mexico and the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (CONDUSEF –...

Digital Reinvention
30/05/2023 News

Introducing the Venmo Teen Account

Parents and legal guardians can now open a Venmo Teen Debit Card and a Venmo account for teenagers 13 to...

Digital Reinvention
29/05/2023 News

Leading Indonesian fintech JULO pioneers education financing in a few clicks

Financial inclusion focused Indonesian digital lending company JULO has launched a unique Education feature that will empower customers to ensure...

22/05/2023 News

FWD Group and JA Asia Pacific expand financial literacy programme to seven markets in Asia

The JA SparktheDream programme expansion will educate and empower around 25,000 primary and secondary school students across Asia. Programme integrates...