According to a study by Opinion Way for Docapost » Reinvent the customer experience in banking and insurance «* – published on 13 June 2017 – the generation Y (20-35 years) has generally a good image of the banks. But, to build a real relationship of trust with this category of the population, the banks still have a lot of work ! To be viable, this relationship should go through a simplification of procedures, empowerment of the client and customization of services. Nothing complicated on paper… So why it crashes yet ?
56 % of 20-35 year-olds have a good picture of the banks…
If more than one in two young admits to having a good image of banks, they are many to have reservations about the intentions of the latter. Thus, 43 % of 20-35 year-old think that the effort of transparency of banks concerning the boundaries of their offerings, in particular, is poorly conducted.
This leads to 48 % of generation Y consider that they are wrong put the interests of their clients before their own.
For all that, the satisfaction index (score out of 10) of young people towards their banks is high, as it amounted to 7.1 out of 10.
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Image of French banks : Crédit Mutuel entrenched
…Which could be greatly improved…
A good image of the banks, which is primarily due to the fact that more than 1 young person 2 (58 %) believes banks are listening to their customers. But is this enough ? Not really, since only 53 % believe that the banks understand the expectations of generation Y while 75 % of young people think that they could – thanks to technology – better understanding of their requirements.
And if their needs were better understood and anticipated, it would – ideally – by personalized services, such as :
- Reporting opportunities based on the personal situation for 64 % of them
- Proposals based on purchases already made (52 %)
- Advice or coaching by e-mail, SMS or via an app, used by 47 % of young people to help to fly a budget/savings
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Millenials : the banks you love but are struggling to you to identify…
…And transform into a stable relationship
Needs overall, not sorcerers to anticipate and which could be summed up – we said the study – 3 key words : personalization as we have just seen, but also simplification and empowerment.
The level of simplification of procedures – which would result in a gain of time – young people especially in the front :
- The opportunity to subscribe or terminate accounts, and banking products to 78 %
- The ability to perform all the operations in the same manner – regardless of the mode of contact (mail, phone, chat, agency…) to 75 %
- A potential improvement in the way in which banking products are presented and explained to 74 %
- A follow-up of their case by a dedicated contact person and permanent 73 %
Yes, even if 77 % of 20-35 years felt important to be able to carry themselves through a complicated process online or via an app, 82 % of them consider that it will never happen of bank advisors in flesh and bone.
The empowerment of generation Y this is especially – further study – the need to combine digital and human. Thus, even if they do not question the central role of the advising bank, 20-35 years felt – at 75 % – all should be able to do so in a cloud bank.
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The young and the bank
Courted by the banks to the potential that they represent, young people are less carefree : 36 % of them being of customers multi-bank, that is to say, with an account in several different institutions.
So, they are also particularly prone to change of bank (44 %) by 2 years. A state of fact which banks do not need to spend knowing that their sector is currently undergoing a lot of bousculement…
A, there is the law on the change of bank simplified, adopted on 06 February last… two, there is the arrival of new actors on the market of the bank – such as Orange Bank, July 06, next. As interviewed on the actors in which banks could draw on, the young people meet :
- Amazon-32 %
- Apple at 29 %
- Free to 24 %
- Orange to 18 %…