Sign of the times: Banking for the ages

by Allied Insights
What is it about generational banking that creates such a buzz?

Some may weigh in on the challenges presented by the polarization of respective expectations. While others see clear and present opportunity for diversification. Each generation has varying preferences and behaviors. Learning the history behind these generations may impart supportive insights on how to best accommodate each one.

Baby Boomers are a highly populated generation, hence the name. They lived through Vietnam, Watergate, looming threats of nuclear war, and the power struggle between capitalism and communism. Boomers value engagement and are considered an economically influential generation. Financial institutions should seek to understand and elevate their rankings for customer service experience across the board from digital to in-person.

Generation X (Gen X) had a front row seat to computerization and is known for their individualism and entrepreneurialism. Companies like Google, Amazon, and YouTube wouldn’t exist without this generation and made up the majority of responders to 9/11. They know what the world of finance has to offer and are waiting to be met right where they are. They need high-value content delivered by the right channels that support and align with their values.

 

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