Is Gen-Y The Best Target for Mobile Banking Services?


When marketing mobile banking services, banks and credit unions tend to focus all their energy on Gen-Y. But there’s a juicier segment to target.

The other day, my daughter asked me what my favorite app was when I was little. My answer: pigs in a blanket. Gen-Y consumers may have grown up with the internet, but the next generation — Millennials — are growing up with the internet in their (parent’s) pocket.
Continue reading

Cross-Selling to Gen-Y Banking Consumers


72% of of adults under age 30 who are shopping for checking accounts are also in the market for other banking products. To capitalize, institutions must align their channel experiences, offer rewards for deeper relationships and focus on cross-selling in the branch.
Continue reading

Millennials Find Banks Irrelevant


A three-year study from Scratch, an in-house unit of Viacom, found that a third of millennials believed they won’t need a bank in the future. These millennials, defined as those between ages 18 to 33, also ranked the top four banks in the “ten least loved brands” and would rather go to the dentist than to their bank.
Continue reading

How Three Credit Unions Are Cultivating Relationships With Gen-Y Members


Financial services organizations have a keen eye on the highly-regarded Gen-Y consumers and are spending considerable time, money and marketing resources trying to attract and keep them. Here’s how three credit unions are forging relationships with members that are built on trust, service and loyalty.
Continue reading

Millennials see banks as irrelevant


I think its time to revisit the relevance of demographic shift in terms of technology adoption.  What got me thinking about this was this report from Scratch/ Viacom on the Millennial generation, and their thoughts on banks.  The report is not talking about the usual shift to electronic channels.

The report indicates millennials see banks as irrelevant.
Continue reading

‘Big Banks’ more attractive to Gen Y customers?


Data from J.D. Power’s retail banking study finds that 34% of Big Bank customers are within the Generation Y age segment, which is significantly higher than the percentage of Generation Y customers at Regional/Midsize/Community Banks.
Continue reading

5 Ways You Need to Rethink Your Institution’s Young Adult Strategy


To craft an effective marketing strategy for young adults, you have to start by tossing out all your assumptions, generalizations and stereotypes about this valuable Segment.

Attracting young adults has been a focal point across the aging credit union industry for the past decade. On the community banking side, there isn’t as much marketing energy applied to young adults, but it’s still a concern. With more and more young adults gravitating to large national and international financial institutions, reaching this audience segment is a struggle for community banks and credit unions alike.
Continue reading

Millennials Are Better with Money Than You Think


The kids are all right.

The rap on today’s young income-earners is that they haven’t bothered to learn about money and spend too much time on social media and smartphones. But two recent studies paint a very different picture. They show a generation that is making use of the broad spectrum of financial products, and aspires to save money, even if they lack the means in today’s challenging economy and the debt brought on by their education.
Continue reading

What Do Young Consumers Think About Mobile Banking?


Monitise presented on a panel, “What do under 21’s think about banking”, at The Economist’s European Retail Banking Summit in London last week. Working with AlixPartners, we have a wealth of statistics on how young people use banking – and in particular mobile banking services – and wanted to share some of our findings. While the definition of “young” at 18-25 years old doesn’t quite fit with the under-21 topic of the panel, it does give good insights into the demographic differences in mobile usage, and, of course, provide an insight into where mobile penetration will be going in the future.
Continue reading