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Gen Y changes the future of banks

Generation Y has a strange effect on the corporate world. Marketers are progressively changing their attitudes from the baby boomers to the recent millenials. Not only, are marketers changing their appeal, but banks are starting to listen too.

CISCO, recently conducted a survey of 1,055 Americans consumers and their thoughts of what banks should do for them. The aftermath of this survey brought forth an article which briefly stated a synopsis of the survey that was taken, pinpointing small major points that could eventually change the way banks work.

According to the article by Geoff Williams,

Generation Y's main concerns are (in this order): to reduce debt, to better manage their money in general, and to receive more financial education.

Baby boomers before felt they were very aware of how to manage their money, and did not like taking outside help in doing so. Millenials, understand that money is crucial in gaining financial stability, but want the guidance from financial advisors, which they would like the bank to provide.

Looking at the specific order, reducing debt seems to be on everyone’s agenda. Especially, those Gen Y’s who have gained additional debt from the credit card companies they thought were their friends. They would like to start looking ahead into how to pay them off quickly, and efficiently.

Another focus for Gen Y’s is looking further ahead at retirement. They want to know how to maintain their money, but increasing it in the process. So how can the banks help support their current new customers? They are focusing on providing a new modern appeal with the resources for this new group.




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