Mobile banking and social media are both key to financial institutions engaging effectively with ‘Generation Y’ banking customers, a new report has revealed.
A study by Efma and in conjunction with Oracle showed that the quality of engagement and communication in real-time are important parts of a successful Generation Y strategy.
Offering mobile banking services and establishing a social media presence were both seen as effective ways of interacting with these new breed of consumers, particularly in offering a real-time, 24/7 customer service.
Patrick Desmarès, secretary general of Efma, said: “Whatever the innovation, it’s worth remembering that sometimes ideas that are developed for the youth segment can be developed for a wider market, with Gen Y acting as the early adopters.”
“There is an increasing number of new channels available to banks. However, banks should see new technology as a means of bringing value to customer relationships, not as an end in itself.”
Further findings from the report showed that approximately 30 per cent of banks had a dedicated strategy for 'Generation Y'.
However, almost 40 per cent of survey participants said they were in the process of developing a plan for these consumers.
By Jim Ottewill
