Comprising 28% of the global population, Gen Y (ages 18-34) is expected to be a major earning force over the next decade. For banks, this is mixed news: Gen Y represents a large group of potential customers, but these buyers are low on brand loyalty, have high expectations, and are more likely to switch banks. Using data from Capgemini’s 2014 Retail Banking Voice of the Customer Survey, we explore what attracts Gen Y customers to a bank, what makes them stay, and what makes them leave and recommend high level marketing strategies for banks targeting Gen Y customers.
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