Generation Y Banking Behaviors and Attitudes Expanding the

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Generation Y Banking Behaviors and Attitudes: Expanding the
Banking Relationship on Their Terms

Description:    This report urges financial institutions to break from the typical stereotype about reaching out and
                acquiring Generation Y consumers through electronic means only, providing in-depth analysis of
                new quantitative data that more broadly examines the banking behaviors and attitudes of
                Generation Y. This detailed study reveals how banks should address Gen Y’s desire for multichannel
                availability, time savings and financial management partnerships that will necessitate product,
                market and servicing variations that resonate with this lucrative population. A focus on long-term
                strategies for acquiring Gen Y early on in their banking lives and an examination of successful
                online marketing collateral round out this comprehensive report.

                Primary Questions
                - How profitable is the Gen Y account holder to a bank or credit union?
                - Through what channels can financial institutions (FIs) most effectively engage and retain
                Generation Y account holders?
                - What are the factors that motivate Generation Y to engage in and remain with an FI?
                - When should banking institutions begin building relationships with Generation Y consumers to
                maximize acquisition and retention?

                Audience: Financial institutions: marketing, new customer acquisition, online banking/eCommerce,
                channel strategy

                Authors: Heather Peters, Research Analyst
                Jean M. Garascia, Research Associate

                Contributors: Bruce Cundiff, Senior Analyst
                Stephen Matava-Knighten, Research Associate
                Mary T. Monahan, Editor and Analyst
                James Van Dyke, Founder and President



Contents:       Overview
                Primary Questions
                Findings and Analysis
                Future Success Relies in Focusing on Generation Y for the Long-term
                Defining Gen Y
                Success with Gen Y Requires Availability of Traditional and Online Channels
                Create a user-friendly experience
                Take advantage of cross-sell opportunities
                Time and Control Are the Highest Priorities among Gen Y
                Gen Y Acquisition Requires Initiating Highly Relevant Relationships Early On
                Security Features Are Not Top of Mind Concerns for Gen Y
                Keep Security Simple: Interactive Financial Messaging™ Alerts Ideal for Gen Y
                When Do Banks and Credit Unions Need to “Talk” to Generation Y?
                How young is too young?
                Parent Involvement Is the Inroad to Developing Relationships with the Younger Gen Y
                True Youth-centered Initiatives Strike a Cord with the Younger Gen Y
                Related Research
                Appendices—Additional Data about Gen Y Banking Behaviors and Attitudes

                Table of Figures
                Figure 1 Projected Income Growth by Generation
                Figure 2 Reasons for Selecting a Financial Services Provider by Gen Y
                Figure 3 Online Account Opening Rates by Gen Y
                Figure 4 Consumers’ Value of Alerts by Gen Y
                Figure 5 Reasons for Not Banking Online by Gen Y
            Figure   6 Reasons for Beginning to Use Online Banking by Gen Y
            Figure   7 Opinions Regarding Paper Statement Turn-Off by Gen Y
            Figure   8 Financial Products Currently Used by Gen Y
            Figure   9 Financial Transactions Performed in the Past 12 Months by Gen Y
            Figure   10 Likelihood of Online Banking PFM to Affect Retention by Gen Y
            Figure   11 Preferred Methods for Authentication by Gen Y
            Figure   12 Increased Online Behaviors Associated with Identity Theft-related Threats by Gen Y
            Figure   13 Online Marketing Materials for Gen Y
            Figure   14 Motivators for Viewing Bills Online by Gen Y
            Figure   15 Use of Software to Budget or Manage Finances by Gen Y
            Figure   16 Satisfaction with Current Banking Relationship by Gen Y
            Figure   17 Reasons for Switching Banks by Gen Y
            Figure   18 Usage of Credit Monitoring Service in the Last 12 Months by Gen Y
            Figure   19 Usage of Consumer Safety Identity Products in the last 12 months by Gen Y
            Figure   20 Credit Monitoring Service Source by Gen Y
            Figure   21 Likelihood to Renew Credit Monitoring Service by Gen Y
            Figure   22 Preferred Methods for Increased Security by Gen Y
            Figure   23 Reasons for Selecting a Financial Services Provider by Gen Y, Gen X and Boomers



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