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1. Connecting with Generation Y
A R T I C L E
They’re still young, but their importance to your firm’s future
is undeniable. Does your firm know how to connect with this
influential demographic?
They’re young, they’re tech-savvy, and they’re critical to your firm’s future. “Generation Y” (also
known as “Millennials” or “Echo Boomers”) is the group of individuals born between 1982 and
1995, and they’re the largest generational group since the Baby Boomers, 75 million strong. Though
they are still in their teens and early twenties, their buying power is growing rapidly. In fact, their
earnings are expected to go up by 85% within the next 10 years and will outstrip their parents’
earnings by as much as $500 billion.1
Generation Y is a group financial services firms can’t afford to ignore, not just because of the
wealth and business they represent, but because they’re different. As the first generation to grow
up in an age of computer and Internet ubiquity, their attitudes, behaviors, and expectations are
different from those of their elders. Financial services firms that assume the same approaches and
strategies used with prior generations of customers will work with Generation Y may be in for a rude
awakening—one that could be expensive to rectify.
Who Is Generation Y?
“Gen Y” has grown up in the dazzling age of multimedia and the Web—or at least, dazzling for
those to whom it was new. For Gen Y, it’s the norm. Much has been made of the short attention
span that reportedly characterizes Gen Y, but the simple fact is that this is a generation of
immediacy. Gen Yers have since birth had a vast array of information and entertainment at their
fingertips, accessible instantly. A certain amount of impatience with sluggish responses or overly
complex processes seems a fairly predictable result.
Other Gen Y traits that are particularly relevant to financial institutions are this group’s tech-
savviness, practical-mindedness, and social consciousness. According to the results of a survey
of more than 1000 people conducted by Deloitte and Harris Interactive, 45% of Gen Yers cite their
own research as their top influence in making financial decisions, and not surprisingly, most used
online tools as their top research method. Perhaps more interestingly, a far larger percentage of
Gen Yers than of any other generational group were likely to rank family recommendations as their
top influence.2 Gen Y is also practical, valuing simplicity and likely to base decisions on price, rather
than brand. Finally, Gen Y is civic-minded and may consider an institution’s social consciousness in
evaluating its products and services.
Building a Relationship with Generation Y
The desire to connect with Generation Y poses new challenges for financial services firms. For
one thing, Gen Y is skeptical of much traditional marketing and may be difficult to reach with
traditional approaches such as product-focused marketing. This necessitates a more relationship-
focused approach that may require significant changes in process and culture for some financial
services organizations.3
To build these relationships, financial services firms need to reexamine and refine their customer
relationship management (CRM) systems and strategies to ensure they meet the increased
demands of Generation Y. Gen Y routinely uses a wide range of tools and methods to communicate
and engage with others, including cell phones, texting, instant messaging, blogging, podcasts,
social networking sites, and more. This opens up a wide array of channels financial services firms
can use to reach Generation Y, but it also introduces broader multi-channel complexity in managing
interactions with these customers. Generation Y has high expectations of its financial services
providers, and to meet these expectations, firms need to provide a seamless and consistent
customer experience across channels and accommodate the simultaneous use of multiple channels.
1 Forrester. Meet Your Next Financial Consumer. 2007.
2 Deloitte. Catalysts for Change: The Implications of Gen Y Consumers for Banks. 2008.
3 Ibid.
This Pivotal CRM–authored article was originally published by Financial Services Technology (FST).
Pivotal CRM | Article