I know we’ve all heard about Generation Y and the opportunity they pose to every kind of business from health and beauty, to finance and technology. Generation Y, also called Millenials, are people born from the 1980s to early 2000s that are now young adults and teenagers. After reading countless articles on Generation Y, here’s what you need to know as a financial institution about ‘Gen Y-ers’ in 100 words or less:
- The Stereotype: They're tech savvy, terrible team players, lazy, and entirely disloyal to employers- just dazzle them with technology
- The Facts: Studies show, people between 35 and 50 years old place high importance on personal relationships with their financial institution.
- The Advice: Banks and credit unions must keep up with the trends in technology, but cannot forgo personal connections. Generation Y wants to know that you care about and appreciate their trust in your financial institution. Knowing what is important to them, like community events or charities, educating them, and engaging in social media, all contribute to this crucial relationship.
That’s your 100 Word Skinny on Generation Y! To sum it up even more: Tech Savvy + personal care = Happy Gen Y-ers!
Want more than 100 words? Read this great article from The Financial Brand.
