Track: Digital Engagement
Baby Boomers and the Silent Generation have been highly profitable mainstays of the retail bank that the industry has been catering its products and services to for decades. While these older segments have had higher deposit and investment balances and been very profitable, their balances and numbers are now diminishing. Many retail banks are seeing their deposits and fee income stagnate as a result.
To survive today, banks and credit unions must be looking aggressively toward different customer segments to rebuild their portfolio. Engaging with Generations X and Y as well as “emerging prime” customers (non-prime consumers who are working to become prime) is imperative for current and future growth. However, it requires a total rethink of products, delivery, and marketing to be successful. A new set of skills and capabilities, as well as a more responsive culture, are required to be successful in this unfamiliar environment.
This session is designed to shed light on the attractiveness of these segments, what their financial concerns are, and key differences in how they prefer to engage with their FI. A methodology for winning in this space will be outlined, along with implications for your retail, marketing, and technology teams.