Abstract
Overview
This report urges financial institutions to break from the typical stereotype
about reaching out and acquiring Generation Y consumers through electronic
means only, providing in-depth analysis of new quantitative data that more
broadly examines the banking behaviors and attitudes of Generation Y. This
detailed study reveals how banks should address Gen Y' s desire for
multichannel availability, time savings and financial management partnerships
that will necessitate product, market and servicing variations that resonate
with this lucrative population. A focus on long-term strategies for acquiring
Gen Y early on in their banking lives and an examination of successful online
marketing collateral round out this comprehensive report.
Primary Questions
- How profitable is the Gen Y account holder to a bank or credit union?
- Through what channels can financial institutions (FIs) most effectively
engage and retain Generation Y account holders?
- What are the factors that motivate Generation Y to engage in and remain
with an FI?
- When should banking institutions begin building relationships with
Generation Y consumers to maximize acquisition and retention?
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