Great Demographic Divide: 6-11-2008
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The document discusses strategies for financial institutions to attract Generation Y (Gen Y) customers. Gen Y and baby boomers make up the two largest demographic groups but have different financial needs. Targeting Gen Y requires strategic choices about products, services, branding, marketing and delivery channels. It is important to understand Gen Y's preferences for access, convenience, simplicity and flexibility. Focusing only on short-term profits will miss an opportunity to attract Gen Y customers long-term.
![THE GREAT DEMOGRAPHIC FINANCIAL SERVICE CENTERS COOPERATIVE 2008 CREDIT UNION RETAIL DELIVERY CONVENTION DIVIDE JOE SULLIVAN [email_address] 312-961-0188](https://image.slidesharecdn.com/great-demographic-divide-fscc-6112008-1213282977364620-9/85/Great-Demographic-Divide-6-11-2008-1-320.jpg)
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Great Demographic Divide: 6-11-2008
- 1. THE GREAT DEMOGRAPHIC FINANCIAL SERVICE CENTERS COOPERATIVE 2008 CREDIT UNION RETAIL DELIVERY CONVENTION DIVIDE JOE SULLIVAN [email_address] 312-961-0188
- 3. THE DIVIDE Source: Who Are the Millennials? a.k.a. Generation Y Deloitte Consulting 2005
- 4. 47
- 5. ” “ Not planning for the long term with respect to Gen Y will leave banks and credit unions in the same position they find themselves in today, fighting for short term profits. Javelin Strategy and Research Generation Y Banking Behaviors and Attitudes
- 12. KNOW YOUR MARKET
- 19. KNOW YOUR MARKET
- 20. QUESTIONS? [email_address] 312-961-0188 THANK YOU
Notas del editor
- I want to thank the FSCC for inviting me to speak here today – and thank you for your interest in this important topic. As mentioned, my name is Joe Sullivan. I am President of a consulting firm, based here in Chicago, called Market Insights. And, given the subject we’ll be discussing today, I’ve invited my colleague Brady Walen – who is the Director of Marketing at Market Insights – to share an authentic Generation Y perspective. At Market Insights, our team works with financial institutions everyday. Our work centers on helping them remain relevant, grow and navigate tough challenges in today’s dynamic marketplace. And we’re here today to discuss one of those challenges: the divide that exists between demographic groups. Specifically – the differences between Baby Boomers and Generation Y, and the implications those differences have on today’s financial institutions.