The Intuit 2020 Report, The Future of Financial Services, predicts that in the next 10 years Gen Y will transition from young carefree spenders to an important part of the financial services customer segment. By 2020, a majority of this group will be in their early to mid-thirties and learning to manage money as adults, with families and mortgages.
Gen Y, also known as the digital generation, is a tech-savvy group of individuals who were brought up using mobile technologies, Facebook and email. Javelin Strategy & Research recently released a report, Gen Y: How to Engage and Service the New Mobile Generation, which outlines how to reach the mobile generation as financial members and customers.
Some of the key findings include:
- 4 out of 5 Gen Y consumers already have a personal and/or joint checking account, and 38 percent of them are very satisfied with their current banking relationship.
- A Gen Y consumer is nearly twice as likely as an everyday consumer to be a mobile banker, and 31 percent of Gen Y consumers review account balances more than eight times a month via mobile banking.
- Gen Y has high expectations from PFM tools, and 23 percent want PFM to categorize their spending.
- For mobile PFM users: 46 percent want to make comparisons when shopping, and 33 percent use it to track finances on a daily basis.
Are your Gen Y customers and members using mobile solutions more frequently than Gen X and Baby Boomers? Do you see a high demand in PFM functionality from Gen Y’ers? Let us know in the comments section below.