With all their unique and heavily promoted characteristics – tech savvy, achievement-oriented and attention-craving – when it comes to financial services, Generation Y’ers are in many ways not all that different from Gen X’ers and Baby Boomers.
The hype about mobile banking is legitimate as the technology continues to exceed adoption expectations, add exciting new features and appeal especially to youthful customers that banks once feared they would lose.
Building out or improving remote delivery channels, such as online banking, mobile banking and electronic bill pay, with new products and systems represents one of the greatest opportunities a bank can face – and one of the greatest challenges, as well.
With the expansion of digital channels, a decline in branch traffic and the current industry focus on controlling costs it’s not surprising that some financial institutions are reducing their branch network.
In 2012, the average mobile user made at least one video call per month and by 2017 it is predicted that at least five video calls will be made each month, according to Cisco’s recent Visual Networking Index (VNI) Global Mobile Data Traffic Forecast.
Online account opening (OAO) presents a frustrating irony for many banks: The great service they are prepared to offer after they get a customer on board is belied by an often inferior, frustrating OAO process.
In the intensive search for new sources of profitable revenue, many financial institutions are missing one untapped source: cross-selling and upselling to existing retail consumer customers who also are small business owners.