Tapping Into Generation Y: Nine Ways Community Financial Institutions Can Use Technology To Capture Young Customers
Source: First Data
Community financial institutions probably have no better time to capture Generation Y customers than now, but they need the right technology to do so. This generation, roughly comprising people born between 1979 and 1999, is many years from its peak earning potential. Given the size of this market and its propensity to use technology to manage finances, community financial institutions must start preparing for the future. Without question, the Gen Y market is vast - the result of what demographers call an "Echo boom," reflecting the offspring of the post-war baby boomers. Estimates of its size vary depending on the birth years used, but regardless, banks are dealing with an immense number - as many as 80 million people in the United States.