The Bankwatch

Tracking the consumer evolution of financial services

Forrester: Marketers trying to anticipate future consumer trends, should tune into Gen Y’ers

Charlene’s new article summarises the importance for marketers in following GenY. 

Gen Yers – 18- to 26-year-olds who came of age with broadband, cell phones, and iPods, among other things – stand apart from older generations because of their hands-on approach to the Web.

Marketers trying to anticipate future consumer trends should tune in to Gen Yers. As these do-it-yourselfers become a primary consuming audience, they will carry with them their cross-channel shopping enthusiasm, active blog usage, and reliance on the information-scouring powers of Google.

Source: Forrester: Interactive Marketing All Forrester Research

Gen Y are maturing, and having an impact on everything, including financial services.

Gen Yers relish its power for connecting people, transmitting news quickly, and providing buried facts on any person, product, or place

Charlene makes the point (summarised here only):

  • Cross-channel shopping increases
  • Blogs gain a foothold
  • Google keeps expanding while AOL fades

The message is that Gen Y are the barometer of the near future, and that their behaviour patterns are deeper than ‘going online’.   The purchasing pattern of net users is fundamentally different.

Relevance to Bankwatch:

Internet is not about web pages, and firewalls.  Internet is about social and behavioral change, new purchasing patterns, return of basic human interactions that were lost in the industrial age.

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Written by Colin Henderson

September 8, 2006 at 23:24

4 Responses

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  1. […] Its just to easy to fall into the trap that assumes building branches always used to be the most attractive deposit gathering scheme, so lets keep doing it.  This view ignores the demographic shifts that are underway.  A detailed analysis of the behaviour patterns of GenX and certainly Gen Y, establishes that full online serviceability is essential, with personal support being the exception. […]

  2. […] Yet another reason to tap into Gen Y – profitability.  Customers who feel they have a personal relationship with their bank are rare breeds for large banks, and that is translating into a significant impact on profitability, according to a study released at the BAI Retail Delivery Expo on Nov. 15. A new category of banking customers – service seekers – is ready and willing for a banking relationship, making the group a target audience for large banks, according to the study, “The Relationship Experience” from BAI, in conjunction with Accenture, SAP, NewGround, Unisys and ARGO Resource Data Corp. […]

  3. […] to accept and allow that plan to drive investment priorities. Time to re-visit post on Charlenes assessment from 2006 and Deloittes earlier this year. According to the survey … the percentage of […]

  4. […] Gen Y is an essential basic approach for online banking applications, and I refer you back to this post from 2 1/2 years ago which noted the view of Charlene Li while she was still at […]

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