How Gen X and small business banking needs converge
The forgotten consumer demographic segment and the central commercial segment for many financial institutions large and small share many attitudes and pain points about banking. Indeed, there's convergence between the ownership and management of small and medium-sized businesses and Generation Xers. New research spotlights how banks and credit unions can increase penetration in both markets.
Generation X has it tough. A much smaller demographic than Boomers and Millennials, it’s often given short shrift by financial institutions.
In fact, banks and credit unions serving small and midsize businesses should want to learn what makes Gen Xers unique— and what they want from a banking relationship. It turns out that SMBs and Gen Xers have a great deal in common.
That’s a key insight from the FIS 2019 Performance Against Customer Expectations (PACE) study, which canvassed nearly 600 U.S. small and midsize businesses (SMBs)and nearly 1,750 U.S. consumers.
Understanding shared SMB and Gen X behaviors and preferences can position your institution to serve both markets better — and help drive the success of your commercial and consumer banking operations alike.
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