Magazine article Independent Banker

Human after All

Magazine article Independent Banker

Human after All

Article excerpt

So where are we all heading? Or to a more important point, what are we becoming? The answer lies in the upcoming generations.

Perhaps no group of people has been polled, probed and analyzed more by marketers and social researchers than today's young adults. A lot has been said, overanalyzed and oversim- plified about their values, attitudes, habits and aspirations. Much of this spotlight has shined on the so-called Generation Y, the second largest cohort and potentially the group with the great- est purchasing power since the all-pervading baby boomers. Those in the Gen Y tribe, now 19 to 36 years old, have or soon will come of age personally, professionally and financially. Today, they account for over $1 trillion of pur- chasing power annually, a figure that will grow exponentially.

Certainly, Gen Y's technology-tethered upbringing has strongly shaped their expec- tations and mindsets. Having little to no recollection of life without the Internet or smartphones, this first mobile generation has adapted almost nonchalantly to warp-speed rev- olutionary advances. Without questioning, these young people expect, in addition to vast digital troves of free information, anytime access to entertainment, customer service and commerce.

Of course, all community bankers today understand that effectively adapting to and managing continually evolving technol- ogy-whether in deposit taking, lending or payments-is integral to their institution's ongo- ing success. This is true for all customers, old and young, as it will be for those soon to follow.

Far from being a drag or a disadvantage, community bank technology is second to none. Community banks invest substantial effort, money and strategic thinking on technology and the future it's creating. Our institutions have and will continue to access all the innovations necessary to win the business and loyalty of the next generations. …

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