Gen X and Gen Y build their dream bank
by. Georgann Smith
Attracting young consumers is important to the stability and longevity of banks and credit unions of all sizes. As such, most financial institutions (FIs) are looking to gain a better understanding of Generation X’s and Y’s expectations and preferences regarding financial products and services.
New research from consulting firms Simon Associates Management Consultants and C.F. Effron offers some insight into what young adults are looking for in (and expecting from) their FIs. The research also includes the preconceived ideas FI executives had on what Gen X/Y consumers want from an FI.
The study consisted of Gen X and Gen Y participants taking part in a “Build Your Own Dream Bank” game. Twelve individuals were instructed to invent a make-believe FI consisting of the products, services, technology and staff they felt would “best serve them” as their assets grew. Conversely, 17 FI executives were also asked to detail how they would originate an FI by the year 2020 that would effectively draw Gen X and Gen Y consumers.
Overall the results showed a disconnect between what young adults indicated they sought from their FI and what FI executives believed to be important to consumers in this demographic.continue reading »