Discover what Gen Y professionals want in their bank of the future and how you and your business may need to respond.
Discover what Gen Y professionals want in their bank of the future.
Considering Gen Y already make up 22 percent of Australia's population, and will form 50 percent of the workforce in just 5 years, they will be significant drivers of retail banking revenue in the not-too-distant future, and their priorities and preferences are distinctive.
With this third edition of KPMG’s Banking on the future report, we are starting to see important longer-term patterns as well as emerging trends concerning Gen Y professionals' (defined as those between the ages of 18 and 30, university educated, relatively well paid, tech savvy and more globally minded) expectations and experiences of banking and broader financial services.
To help us pinpoint what drives the next generation of affluent Australians, KPMG surveyed and studied over 1,400 KPMG Gen Y professionals to better understand the key needs of this important cohort.
In the report we provide actionable advice on specific sticking points raised by this cohort. We have included a roadmap that highlights which experiences and resolved frustrations are likely to sway this group to your organisation. Our 10 Commandments list what Gen Y professionals' main product and service expectations are, and will help you see things from their point of view.
From our research we have highlighted eight dominant forces shaping the way the Gen Y professionals want to bank, and what they demand as customers.
These eight trends show there is no single route to capturing and retaining the custom of Gen Y professionals. However, it is clear that banks must urgently consider their high expectations, particularly around digital aptitude and wealth, and step up their level of delivery to attract them. Failing to act will ensure competitors, or up-and-coming fintech disruptors, move in and take the prize.
Dynamic partnerships with fintech startups will help banks introduce digital innovation.