Page 41 - Banking Finance September 2021

ARTICLE

Here are few perception patterns to understand the for dialogue. The feedbacks collected and smartly
behaviours, habits, life-needs and expectations of these processed become a valuable source of business insight
customers from their Banks. for development and improvement.
Y More alike: New Age Customers have had different
Y Omni-Digital: Today, the customers prefer to use digital
experiences than their parents and grandparents. As
channels to solve their problems. According to a report,
they have faced different challenges than their
46% of bank customers interact with their Banks
predecessors, from a financial standpoint, many are
digitally. Therefore, to attract the New Age Customers,
behind from where they are supposed to be.
we need to engage them not only by its resources (e.g.
Y The beginning: They are just entering the job market Apps or Website), but also by the platforms that are
have many financial questions and few places to find typical to customers, such as Google, Apple, Facebook
answers. Many have not yet formed a strong affinity and Amazon (GAFA).
for their current Banks. Though they demonstrate some
Y The service must be built around the Consumer:
general satisfaction with day-to-day services, many do
New Age Customers prefer to spend money on the
not think banks fully appreciate their needs, impressions, not on the things. The design of every
perspectives, and motivations.
touchpoint must be verified and justified for a better
Y Balancing Branch Preferences and Digital customer experience.
Expectations: Like older consumers, new age customers
still want access to a bank branch. As per a study, today's They focus on digital interactions and personalized
customers are more likely than older consumers to experience and it has become important factor for banks
leave their primary bank for new one. They assume that to consider.It is the only way banks can create something
a bank will offer new channel for digital access to valuable for their customers and survive in the age of
accounts and old ones will also remain available. If an disruption.
institution's digital access is poor or virtually non-
existent, that will count heavily against it. Driving shift in consumption
Y Design Rules the World: New age customers are the New Age Customers are driving the shift towards
most active age group using social media for consumption economy. With their low tendency towards
communication. They prefer a tutorial on the internet savings and increasing spending capacity, provide brands
or contact the company online, instead of calling with immense opportunities. It is imperative for banks to
support. understand the mind-set and spending pattern of these
Y Total Transparency: They have got a different attitude young customers and offer the right set of products/services
towards privacy and used to share private information. to them.
They like easy registration and services than time-
wasting secured forms.
Y Disrupting Media: New age customers are the most
insistent critics, not forgiving brand name for conceit,
deceit and neglect. The news of bad service today
spreads quickly. In practice, they do not mind speaking
publicly about their user experience.

Y Socially Responsible: They understand the meaning of
life and they are therefore more focused on human
values. And at the same time, they are incredibly
pragmatic. Mere marketing promises does not work
with this younger consumer. Banks will have to answer
for their words and to show the meaning of their
existence.

Y Expecting Dialogue: Banks of the future should be open

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