You make some good points, Ron, but that is way too much of a generalization to be true for every bank & cu. There are plenty of markets where Boomers won't represent the most profitable segment.
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No argument there, Jim. The key to my POV is the last part of the article where I'm advocating for a "segment-based" approach to the market. But I'm also trying to refute the "reach out to Gen Z before it's too late" perspective.
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Very interesting take. FIs definitely need to serve the new needs of Boomers. IMO the Millennials are still some of the most important as they are caring for said Boomers but also opening/funding accounts for their Gen Z children. Need ability/tools to manage both.
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I'm not saying Millennials aren't important--in fact they are the now generation to be served. The question I'm addressing is who is the NEXT generation of banking consumers.
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Completely agree with your article. I can also relate to dealing with elderly parents in their 80s and the challenges of managing their finances. US banks need to look into this issue more closely (like some UK banks that are already addressing this).
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Thanks, John. The “longevity bank” concept seems to have gained a lot more traction in the UK than in the US.
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Baby boomers are already loyal customers of the mainstream banks, and they are very unlikely to switch. The Gen Zs are embracing digital-only banks and setting new CX standards across the industry. If the big banks don't keep up - they won't get a slice of Gen Z.
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That's exactly what a lot of people said about Millennials. And 3 banks--BofA, Chase, and Wells--have 44% of the market. p.s. Gen Z is 7 to 22 years old. Seven year olds aren't "embracing" any banks.
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I like your thesis but I don’t buy it. The older the client the more entrenched they are in their banking usage. Moving someone into a new bank isn’t easy and it’s much more difficult if they’re set in their ways.
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Čini se da učitavanje traje već neko vrijeme.
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