As I mentioned in my previous post, we gave a presentation to members of America’s Community Bankers last Thursday during the association’s Annual Convention. The session titled: “The Great Demographic Divide” discussed the impact Generation Y is having, and will continue to have on the financial services industry.
During the session, a banker asked “When is all of this going to happen?” He was referring to the influence Gen Y will have on the industry, and the changes that will be required of institutions to attract Gen Y as customers and employees.
It’s already happening. Gen Y certainly presents a unique set of challenges to financial services executives and marketers – but this simply is not an issue that can be ignored or put on the back burner for later discussion. This is an issue that management teams need to address now, especially given an aging customer and employee base at institutions across the country, and that Gen Y has very different expectations of the consumer and employee experience.
The impact from Generation Y can be seen at companies and in industries across the country. In fact, last night’s episode of 60 Minutes featured a segment titled “The Millennials Are Coming” which discussed many of the same points we made during our presentation to the group of bankers last week. If you missed the segment, I recommend that you check it out.
The Millennials are coming (many are already here). Are you ready?
Nov 12, 2007
The Millennials Are Coming. Are You Ready?
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2 comments:
I can't help but smile at the amount of conversation this 60 Minutes segment has generated. As a mid-life Boomer I heartily welcome the innovation, creativity, and non-traditional perspectives of these new iconoclasts. Perhaps the managers and corporate leaders who are so upset need to remember that the doting parents Safer mentions are either our peers or our children. Perhaps we will be a bit less critical when we remember we are employing a generation with attitudes we helped create.
Joe - I attended an event put on by the American Marketing Association this morning, and even here the 60 Minutes segment made its way into the presentations.
Certainly, there are many Boomers like yourself that may welcome the innovation, creativity and non-traditional perspectives of Gen Y - but, I think the real issue is Boomers' willingness (or lack thereof) to embrace and encourage such perspectives.
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