Comments on: Young Adults Bank by Web and Phone http://thebankwatch.com/2007/07/17/young-adults-bank-by-web-and-phone/ Tracking the evolution of financial services Sat, 26 May 2012 18:05:32 +0000 hourly 1 http://wordpress.com/ By: Jean Garascia http://thebankwatch.com/2007/07/17/young-adults-bank-by-web-and-phone/#comment-13573 Thu, 19 Jul 2007 16:23:15 +0000 http://bankwatch.wordpress.com/2007/07/17/young-adults-bank-by-web-and-phone/#comment-13573 Absolutely, Colin. Until the web can do everything (and by that I mean everything from Wesabe-type PFM to complete online account opening, etc.), the other channels will be necessary. That’s why I’m always a bit wary when I see recommendations that appear to promote the online channel exclusively.
Thanks again for bringing up great viewpoints!

]]> By: Colin http://thebankwatch.com/2007/07/17/young-adults-bank-by-web-and-phone/#comment-13508 Wed, 18 Jul 2007 18:07:54 +0000 http://bankwatch.wordpress.com/2007/07/17/young-adults-bank-by-web-and-phone/#comment-13508 Thanks Jean …. and to support that point I note that the even amongst 18-34′s their use of online does not approach the levels of use that over 55 display for Branches.

However, we have to be careful (imho) not to to suggest to planners that equality of channels is required. I see it more that the new generation expect everything online, with the other channels as a back up, and often because something is not available online, so they need the security blanket if you will. Preference for GenX/Y and the internet generation, will always be onine first, provided its trustable and capable.

]]> By: Jean Garascia http://thebankwatch.com/2007/07/17/young-adults-bank-by-web-and-phone/#comment-13503 Wed, 18 Jul 2007 17:35:26 +0000 http://bankwatch.wordpress.com/2007/07/17/young-adults-bank-by-web-and-phone/#comment-13503 Hi Colin –

We just completed a report that we are releasing soon about Gen Y banking behaviors and attitudes and found that these consumers still value “traditional channels” at rates equal or even higher to online service capabilities. Despite the fact that these consumers are definitely tech and web-oriented, I think it’s important not to dismiss the other channels out of hand.

]]>