The gen-Y customer: 7 key technology challenges for banks

Overview

Generation Y (Gen-Y) customers are predicted to be tomorrow‟s wealth accumulators. Their behavior and consumption pattern is different from the earlier generations. Banks will have to adopt different business paradigms to serve them.

Gen Yers are technology savvy and prefer swift service. Personalisation is high in Gen-Y customers‟ wish list. Successfully meeting these challenges depends on the agility and efficiency of the bank‟s IT infrastructure.

Most banks are still running on legacy systems which are inflexible to meet these needs. This paper outlines key technology requirements to address Gen-Y banking needs.