Best Practice Report: The Importance of Generation Y

Best Practice Report: The Importance of Generation Y

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Introduction
The May 2016 Global Best Practice Report assesses the role of Generation Y in modern banking by taking a deep dive into several key areas. The report aims to demonstrate the importance of Gen Y by analyzing their behaviour, sentiment, and their relationship with financial institutions. In order to properly understand these key themes, the report will break down into three sections as follows:

- Firstly, digital engagement and Gen Y – this section assesses the importance of digital
  to Generation Y banking customers. Digital is becoming increasingly important to
  modern banking relationships, and this is particularly the case with Gen Y. This
  section will assess what Gen Y are doing “digitally”, as well as the benefits that a
  digitally engaged customer can bring to financial institutions.

- Secondly, the banks that are targeting Gen Y - this section looks at who is performing
  the best across the globe at acquiring Gen Y’s banking relationships, as well as the
  banks that are specifically targeting Gen Y with specially tailored products and
  platforms and the success that these approaches have brought. We find that more
  often than not, the banks with products targeted at establishing a relationship before
  the age of 18 are the ones with the best market share of Gen Y.

- And finally, consumer sentiment among Gen Y - this section looks at consumer
  sentiment amongst Gen Y, as it relates to banking, their own financial circumstances,
  the global economic outlook, their level of trust for government, financial
  institutions, and other organisations. It also looks at who is performing the best of the
  banks globally when it comes to satisfaction and advocacy amongst Gen Y.

Case studies were taken from France, the USA, the UK, Brazil, Bolivia, Australia, and Singapore, with data from 10 key global economies.

Highlights

As retail banking continues to evolve, Generation Y will be driving the change. Gen Y have a very different relationship to banks and banking than their predecessors, especially in how they interact with banks and conduct their banking tasks. Readers of this report will benefit by gaining a global understanding of the impact of digital banking on Gen Y, and the value of digitally engaged customers in this age group. Readers will also benefit from seeing some of the top strategies at a global level amongst banks, in order to acquire and maintain Gen Y banking relationships. The report also provides an opportunity for financial institutions to understand the needs and sentiment of Gen Y towards banking and financial institutions, and thus tailor their strategies accordingly
Features and Benefits

- Highlights the link between digital engagement and increased product uptake and
  bank advocacy
- Provides global comparisons of digital engagement levels at key global financial
  institutions
- Demonstrates key strategies targeted at Gen Y among top performers globally
- Provides key case studies of successfully integrated youth banking programs
- Details spending and saving behavior and intentions among Gen Y banking customers
- Lists the top financial goals of Gen Y as well as their appetite for alternative payment
  methods
 
Key Questions Answered
- Who are the top performers by market share of Gen Y?
- What are the digital expectations of Gen Y when it comes to banking tasks?
- What action can banks take to acquire or hold onto customers in the Gen Y segment?
- How comfortable are Gen Y sharing more information with banks and organisations in
  order to receive a more tailored product solution?
- Which institutions are doing the best job of satisfying Gen Y?