Page 40 - Banking Finance September 2021

ARTICLE

NEW AGE

CUSTOMERS -

BUILDING THE

DIGITAL

CAPABILITIES

Introduction information and consequently will be the best educated and
most informed consumers. Banks are poised strategically to
Consumer markets in India are expected to reap the benefit
of favourable macroeconomic parameters as well as its take advantage of the opportunities this generation offers.
demographics. India is one of the youngest major countries Due to rapid penetration of Internet in India and with access
globally and has become one of the major flag bearers of to information, they are ready to drive the banking industry
onto a whole new track in the near future.
development across the globe. The budding generation of
these new age customers are breaking into the workforce, Trend, Behaviours and Expectations
heavily influencing the world around them. Their influence
also defines how they are perceived, so that organizations New Age Customers, also known as Generation Y or 'Gen Y'
in short, are a population group in the age bracket of 18-35
can try to understand how to engage them. The influence
they wield have created economic effects and impacted the yearsand also known as millennials. India is having the
Banking & Financial Sectors also. largest millennial population in absolute terms globally.
Having a population of over 44 crores, the group constitutes
New age customers now enjoy a sense of disposable income nearly 34% to the country's total population and chief wage
and self-reliance. They grew up with increased access to earners in the household in India.

They manage to seek financial advice from independent
About the author research, rather than choosing professional help. Many
Banks today have not optimized resources to secure these
Deepak Kumar client's trust. The individualistic and sardonic attitude of
Chief Manager (Faculty) many customers translates into a cynical view on big banks
State Bank Institute of Innovation & and financial wellness. New financial advising and education
Technology (SBIIT) - Hyderabad
could be a big opportunity now.

40 | 2021 | SEPTEMBER | BANKING FINANCE