Banking on a New Generation: How Banks Can Woo and Win Over Skeptical Gen Y-ersDeloitte Insights podcast |
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Generation Y members want to do their banking in much the same way that they do comparison shopping at the mall. To attract them as customers, banks will have to offer more options, services and products, and make them available via a multitude of channels such as cell phones, interactive television and yes, even virtual world sites — in addition to online banking and the traditional bank branch. Gen Y-ers are at the leading edge of a number of important social and economic trends. To earn their loyalty, banks will have to learn how to get out on the edge with them.
Highlights:
- What makes Gen Y so different from previous generations of customers, and why should banks be concerned? (1:43)
- Gen Y consumers are looking for banking services that are affordable, straightforward and convenient. What are the marketing and product development challenges banks face if they are to meet those demands and expectations? (7:11)
- Can banks take a simple product — a credit card or bank account, for instance — and make it “cool” and exciting for this new generation of consumers? (19:51)
- How should banks go about assessing their existing capabilities to put together an effective Gen Y plan, and what models can they look to in other industries that can offer them guidance in that effort? (33:52)
Guests:
Tiffany Purdy, principal, Deloitte Consulting LLP
Toby Kilgore, principal, Deloitte Consulting LLP
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