What should traditional banks and credit unions consider in order to offer a level of service that will meet younger generation expectations? Can banking organizations remain relevant in the future, or will they be replaced by fintech or ‘big tech’ alternatives?
There has never been such a considerable generational gap. This gap is due to a significant technology boom that formed a modern generation of tech natives. The digital world has created new behavioral patterns and interaction principles influencing the values of the younger generation.
It is not surprising that businesses, organized in the pre-digital era by people from the previous generations, encounter adaptation problems in today’s world. Of course, they still have an army of loyal customers from previous generations, but evidently, their growth prospects are limited if they don’t adequately serve the needs and expectations of the next generations..
Young people are gradually taking more and more resources into their hands — according to the statistics, this age group will control $7 trillion of assets by the year 2020 in the US. Today, they are the largest group among customers buying a house for the first time.
Traditional business survival depends on overcoming generational conflict and on its adaptation of new technologies and the ability to respond to the demands of the digital world and digital consumer. It is vital to see the difference between the demands of the future customer and the previous generations to create an effective business strategy and also to understand it, taking into account UX design.