The looming question of what Generation-Y wants is something that has been somewhat of a debate for a while now. I think there tends to be a huge misunderstanding of what YOU think we want, and what WE actually want. Companies spend tons of money trying to reach this specific target market using tactics that may or may not work. Instead of making assumptions as to what will get our business, it is important to understand what we actually want.
So what ACTUALLY gets Generation-Y’s attention?
Convenience – We love when tasks are made convenient.Not because we are lazy, but because that is the way everything is now. Convenience is crucial to many people now days because everything is starting to become automated, or very easily accessible. A very telling statistic is that 80% of Generation-Y takes advantage of online banking every month, which is a higher percentage than any other age group. An article by Truaxis Insights highlights the differences of banking habits between Generation-X and Generation-Y.
Trust/advice – Too many companies try and pressure us to buy, while not enough take the time to actually give advice or explain why it will be good for us. While many people are taking advantage of online and mobile banking, there are a lot of us who need advice and consultation on major financial decisions that we are beginning to make. We are the generation who are trying to get a first mortgage, car loans and other more complex financial transactions. Don’t forget about us, although we may not admit it, we still need advice!
Spice it up a bit. – Let’s face it; banking can be pretty… dense. Finding ways to make it more of an experience, rather than a chore would add a lot of interest from Generation-Y customers. There are many techniques that would allow for this. Loyalty reward programs, incentives, and gamification are just a few examples of ways to spice things up and make banking more of an experience. The Financial Brand has a great article about gamification techniques used in the retail banking space.
Generation-Y is the generation of the future. In order to get us on board now, it is important to understand us. So my question is, do you understand what we are ACTUALLY looking for?