Industry Insights: Demographics & Disruptors
The end of each year always yields new research and analysis—to say nothing of speculation—for banks and credit unions to use in next year’s planning.
Among the predictions about jazzy technologies (think AI and IoT) and the pleas for consumer services (real-time payments, more mobile), this year’s crop includes a generous harvest of information about industry disruption and demographics.
Have you noticed how much industry ink has been spilled on analyzing generations this year? Boomers have more money, but Gen X is in charge, though not for long. Millennials are taking over and insisting on, well, everything. Gen Z takes technology for granted. Xers want results, Millennials want a better experience. And so forth.
If this sounds glib, it’s not. “Traditional” is a concept undergoing highly relevant scrutiny in the banking consumer marketplace.
Things start to get really interesting when we add disruptive technologies and competitors into the mix. To help you reach for the right balance for your own institution, here’s a short collection of articles with timely information to boost your understanding of these complicated dynamics.
Are Banks and Credit Unions Prepared for a New Mobile Era? Financial Brand. This article updates the way mobile dominance is penetrating into new demographic niches. With smart devices and mobile service maturing rapidly, how will financial institutions differentiate themselves among consumers?
The digital bank of the future. KPMG. Now, take a deeper dive into the interactions between demographics and disruptor technologies, and how these in turn affect customers and competitors. The article offers more than data, suggesting a 7-factor strategy for financial institutions of the future (and, yes, they do mean the survivors).
Bankers pore over demographics in branches of tomorrow. American Banker. It’s not all about mobile, right? Just in case you are pondering your branching strategy for 2018, here’s one take on how to factor demographics into your thinking.
Targeting the Future Consumer. Raconteur. Is a picture worth 1K words? Here’s a quick infographic and advice on how to target the right demographics once you identify them. Too cool not to include.