Discover expert tips and best practices to help put your customers first.
Posted November 13, 2018
Baby Boomer, Generation X, Millennial, Generation Z — each title represents a different era with unique experiences that have shaped the cohort’s collective outlook and expectations, particularly as they relate to money.
Millennials, also commonly referred to as Gen Y, is an age group frequently derided for their self absorption, lack of independence and penchant for frivolous spending, yet this cohort is the most highly educated, technologically savvy and adaptable generation in recent memory. Following the Great Recession, Millennials entered the workforce amid record unemployment rates and drastically reduced earning potential compared to their predecessors — yet they remain optimistic about their economic futures.
Immediately preceding them is another group forced to inherit a dire economic outlook: Generation X. Born between 1965 –1980, Gen X was the first demographic cohort in recent U.S. history to earn less than their parents. This is in contrast with the Baby Boomer experience, an age group born during the extremely prosperous post-WWII era, who gained wealth in the ‘80s, and lost big in the economic crisis of ‘07.
And then there are the relative newcomers on the scene: Generation Z. Defined as those born in the mid-1990s to the early 2000s, we are just beginning to understand the idiosyncrasies of this demographic.
The great divide
Each age cohort’s relationship with money and level of trust in financial institutions is different. The biggest and most successful fintech and financial services companies — from mobile banking, to digital payments, to investment apps and beyond — are well aware of this, and they devote considerable resources to further understanding the preferences of each demographic. They know that each generation has different expectations and comfort levels regarding the intersection of personal finance and technology, and not every group will be satisfied with one solution.
This constant balancing act presents unique challenges for the financial services industry, but also drives innovation and encourages a nuanced, personalized approach to customer service.
The articles in this e-book take a closer look at customer service best practices for serving the unique needs of each demographic in the fintech and financial services industry:
E-book: Fintech & Financial Services for the Ages
From Generation Z, to Baby Boomers, and everyone in between, discover expert tips and insights from TELUS International to help your brand put all your customers firstDownload E-book