With differing opinions on the role technology should play in a financial institution’s Gen Y outreach, the education element should not be ignored.
GonzoBanker recently published an extensive article about Gen Y marketing that included a call to action from Cornerstone Advisors' Ted Thames. The article itself is interesting, but even more intriguing is the responses from Thame’s readers regarding technology solutions for Gen Y. Among comments of support, other readers talked about tech solutions as a large part of banking for all demographics, not just Gen Y, and said the convenience of technology cannot replace the quality of old-fashioned customer service. Both comments are correct, but there’s more to the story.
The article highlights what the majority of Gen Y wants from their financial institutions — information. And the way Gen Y acquires that information hinges on technology. Although some segments of Gen Y are drawn to the latest financial app or mobile solution simply because of the “wow” factor, technology IS our primary method of learning and adapting to new concepts, practices, and ideas.
Unlike other demographics, Gen Y is a generation raised on technology, from “Reader Rabbit” and “Where in the World is Carmen Sandiego?” on our school computers to PFM tools on our phones.
Even with their downsides — such as cost or lack of face-to-face customer service — technological resources and solutions will continue to determine how Gen Y selects a primary financial institution. It’s how we learn and how we better ourselves. And well, if it’s really, really cool — that doesn’t hurt either.