Gen Y: How to Engage and Service the New Mobile Generation

Gen Y
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Overview

This report provides an overview of Gen Y consumers: who they are, what services and product features they desire and how they want to interact with financial institutions. As Gen Y gains in both numbers and income over the next 10 years, its total annual income will surpass that of Gen X and the baby boomers. Institutions with a planned growth strategy know that the financial partnerships and habits that customers forge while they are young can be expected to last for decades. Yet regulatory changes are putting tremendous pressure on current opportunities for account pricing and fee income generation from Gen Y. Detailed strategies for improving account profitability without alienating Gen Y customers are also included in this comprehensive study.

Primary Questions:

  • What are Gen Y banking and payment habits?
  • How can financial institutions profit from the electronic behaviors of Gen Y, the first generation raised in an era of electronic banking?
  • How can financial institutions best serve Gen Y consumers and meet their future banking needs?
  • When will Gen Y become the highest‐grossing income demographic?
  • What role does mobile technology play for Gen Y?

 

Methodology:

The consumer data in this report is based on information collected from several Javelin surveys that targeted populations representative of the overall U.S. population in proportions of gender, age and income:

  • A random‐sample panel of 5,221 respondents in March 2010. The overall margin of error was ±1.36 percentage points at the 95% confidence level.
  • A random‐sample panel of 3,100 respondents with mobile phones in July 2010. The overall margin of error was ±1.76 percentage points at the 95% confidence level.
  • A random‐sample panel of 1,995 respondents in July 2010. The overall margin of error was ±2.19 percentage points at the 95% confidence level.
  • A random‐sample panel of 4,998 respondents in November 2010. The overall margin of error was ±1.39 percentage points at the 95% confidence level.

Putting labels on entire generations can place exaggerated emphasis on specific birthdates, suggesting that someone born on new year’s eve is somehow likely to think and act differently from someone born on new year’s day. To minimize that effect, Javelin applies slightly overlapping 20‐year periods to define baby boomers (1945–1965), Gen X (1961–1981), Gen Y (1979–1999), and Gen Z (1997–2017).

Companies Mentioned

Apple RIM
Fiserv Samsung
Google




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