TAILIEUCHUNG - The Next Growth Opportunity for Banks: How the Post-Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services

Europeans have also constituted an important migrant group with significant relationships with their home countries. Historically, Greeks, Portuguese, Spanish and Turkish are known to have close trans- national communities abroad. A large amount of funds are remitted to Portugal, while Greek and Turkish migrants send money from Germany and have established a banking system that allows for remittances to be more institutionalized. Greek banks have created widespread opportunities f or remittance transfers from other European countries and the United States, and provided a model of financial access for other countries in the region. Growth of European banking systems and. | Survey Report The Next Growth Opportunity for Banks How the Post-Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services Authors Philip Farah James Macaulay Jorgen Ericsson February 2010 Cisco Internet Business Solutions Group IBSG Cisco IBSG 2010 Cisco and or its affiliates. All rights reserved. Survey Report The Next Growth Opportunity for Banks How the Post-Crisis Financial Needs of Younger Consumers Will Transform Retail Banking Services Executive Summary The current banking environment of low interest rates combined with high charge-offs and delinquencies is making it difficult for banks to generate revenue in traditional ways. In October 2009 the Cisco Internet Business Solutions Group IBSG conducted a survey of 1 055 . consumers to explore their evolving financial priorities expectations for services from banks and interaction While consumers have faced significant financial strain due to a deteriorating job outlook and dwindling asset values they have also embraced new technologies including mobility and video and adopted online behaviors such as social networking at an astonishing rate. These trends are particularly true for younger consumers. The survey clearly shows that the rise of younger generations will have a profound impact on retail banking providing the next opportunity for revenue growth - Younger customers need help. Generation Y also known as Millennials and defined for the purposes of this survey as consumers born between 1980 and 1992 and Generation X consumers born approximately between 1960 and 1979 are under financial pressure. Both groups need and want advice about how to manage their day-to-day finances such as getting out of debt and saving for the future. This focus on personal financial management PFM is central to emerging revenue growth opportunities for banks. - Younger customers trust banks to help them. Despite challenges caused by the economic crisis Gen Y and Gen X customers still .

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