Ongoing investment in technology by the retail banking sector is essential if the industry is to win the business of a maturing generation of tech-literate consumers who are forsaking traditional physical channels in favour of online consumption of financial products.
Separate studies of Gen Y consumers (those aged between 21 and 29 years of age) by Fiserv and Cisco reveal an up-and-coming generation of fiscally responsible young adults who are more comfortable operating in a digitally-connected environment than preceding generations.
Members of Gen Y are frequent users of online and mobile financial services, the research finds, are more likely to have debit cards and savings accounts than any other generation, and rely heavily on other people and online information when making financial product decisions.
See the rest at Finextra.com
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