Financial institutions (FIs) are challenged to identify ways to serve the unique needs of young consumers yet maintain a profitable business model. But today’s young consumers are hardly a monolithic generation; this group is made up of two distinct age segments that act in significantly different ways. Introducing Gen Y.1 and Y.2.
Surprisingly, Gen Y.2 prefers to conduct regular transactions in person at bank branches, at a rate of 2.5 times greater than those consumers over 65 years old. These in-person branch visits add up to a significant cost for FIs, compared to self-service models like mobile banking.
Join us as we explore these two young age segments — Y.1 and Y.2 — including attitudes about managing money and their desire for personal finance management (PFM), their mobile preferences, their loyalty tendencies to banks and other third party vendors, and financial products they desire. We will present pointed recommendations on how to best maximize a banking relationship with this young generation.
During the webinar Javelin will answer:
- How will encouraging positive banking behaviors early on result in a win?win for banks and Gen Y consumers?
- Who are the Gen Y consumers who frequent bank branches for everyday transactions, and how can FIs encourage these consumers to use less costly channels?
- How willing are Gen Y consumers to go to third?party competitors for their banking, mobile, and PFM needs?
- How do the Gen Y subgroups differ in their online? and mobile?banking habits?