Abstract
This report addresses the key topics in attracting and retaining the younger financial services consumer, aged 18-34. These include:
- The factors which impact the loyalty of young consumers
- How to reduce or eliminate switching behavior in this demographic group
- Actionable customer acquisition strategies
- Elements of branding that will appeal to this group
- How the young financial services consumer is evolving into the future
Will a “consumer-centric” focus be effective with these customers? Or is technology the most important way to appeal to this group? What are their primary influences in choosing a financial services provider? And why do they stay? Also discussed are the broader trends in the financial services industry that are being driven primarily by this age group.
This report looks at demographic and psychographic factors that impact acquisition, retention and loyalty of younger consumers for the financial services industry. It also looks at how the financial services industry is evolving-especially in terms of what appeals to this younger audience. What are competitors looking at in terms of targeting this group? What should they be looking for? What innovations are occurring in other industries that might provide a competitive advantage to financial services companies?
There is perhaps greater variation in this younger group of consumers than in any other age demographic, and this report examines these variations in detail.
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