Banks and credit unions that get past negative stereotypes will find opportunities to help young adults as they build business.
Banks can build brand equity if they link brand attributes to customer needs.
Making use of customer transactional data won’t help bank marketers much until they can convince those customers that the use of this data benefits them.
Even simple segmentation approaches can yield substantial results if implemented with disciplined execution.
Engaging with digitally-savvy mass affluent customers requires that banks lead with digital tools, say BAI Retail Delivery 2014 panelists.
Marketing to the emerging affluent customer segment requires a holistic digital banking experience that captures relevant personal financial data.
Financial institutions are faced with a strategic dilemma: how to manage the polarity of customer needs without alienating one group or the other.
Bankers looking to increase their share of the mass affluent market should focus on the younger segment of that market, who are more inclined to work with banks.