Despite of overall positive customer experience growth (up to 50% in last 2 years in Central Europe and Eastern Europe) Gen Y is 20% less satisfied comparing to older generation customers. Difference is especially apparent in North America, where only 47.7% of Gen Y customers reported positive experiences, compared to 62.5% of Gen X customers and 75.7% customers of older age groups. It’s clearly seen that bank focused their service on older customers, and have lack of attention to the younger generation.
Why is it significant? Gen Y lives in digital age and their expectations are really high. In next 10 years they will become main users of financial services. It means that banks have to learn “Gen Y language” switching their focus to younger customers. Оne of the difference between banks and fintech startups is about age of decision-makers. Startup founders are millennials in general, and it`s obvious for them that service have to be customer-centred.
Figure from Retail Banking Report 2016 by Capgemini and Efma