Getting Ready For The 18 To 24s
James Van Dyke at Javelin strategy has an interesting post that looks at the emerging banking customer in the US. Generation Ys. Two points stand out here. That in terms of money that will have at their disposal, most analysts are underestimating their potential. Now this could be true even in emerging countries like India. And the even bigger point is that existing channels and media may be of little value to them. So what learning should banks take out from all this? There’s much to be gained with Gen Y’s, but the approach had better be different. Bottom line, Y’s think different, and because more profits will be coming from their purses, wallets, Internet connections and even mobile devices, payments and financial services companies need to understand where the crucial differences are and what to do about them. The post is interesting, particularly for those who are planning mid to long term strategies for banks. Also of interest, a Payment News poll on Facebook on how young people would like to pay for online transactions. Votes were spread almost evenly across three kinds of payment modes. Debit Cards, Credit Cards and Online payments companies like Paypal and Google Checkout.