Be the first to like this
Introduction'Digital Natives', Australians currently aged between 16 and 21 are the home buyers, credit card holders and personal loan borrowers of the future. RFi has identified them as being at the point of life stage where trigger events are more likely to make them switch banks than any other segment.Banks now have a unique and limited opportunity to attract the next generation of banking customers and win them as customers for the long term.Meeting the distinctive needs and preferences of 16-21 year old consumers will require a fundamentally new strategic approach for most banks, as part of the first generation to have never experienced the pre-internet world.HighlightsRFi's research shows that no single Australian financial institution offers all of the features and products required to attract and retain this segment. It also highlights the influential role of parents on 16-21 year olds, especially in terms of financial decisions. Even among those who have come of age and moved out of home or started full-time employment, this segment tends to seek advice from their parents when it comes to making financial decisions. Seven in ten of these next banking customers have the same MFI as at least one parent.Despite the growing literature on this generation's attitudes, there has been little real insight on the strategies that banks should employ to capture and retain this new segment. For many banks, this may involve a new approach to channel, marketing and product strategies.This report uses RFi's research on 16-21 year olds to explore the next generation's values and preferences, their implications, and the strategies that will be required for banks to serve them effectively. Banks that embark on these strategies will be rewarded with an early-mover advantage in realising the lifetime value of tomorrow's MFI customers.Features and BenefitsIdentified Cross Sell opportunitiesExamines the next generations values and preferencesCase Study of Innovative PracticesKey Questions AnsweredWhat are the product, marketing and channel strategies for attracting a Digital Native'Does the level of digitalisation contribute to the decision-making process for an MFI'What are Digital Natives banking priorities'How do you convert a Digital Native from a 'least loyal' customer to a 'least likely to switch' customer'