The latest generation of banking customers represents a piece of the future. And their expectations are coming not from traditional banking, but from the experiences they see across retail and the web. To win over the latest generation of customers -- Gen X and Gen Y -- banks will need to undergo a transformation that includes adopting effective strategies for Web 2.0 and mobile banking; better understanding, anticipating and fulfilling of customer needs; and providing a consistent, technologically advanced customer experience across all delivery channels.
Banks also will require an agile infrastructure to rapidly respond to customer needs and future market directions. Today's complex legacy systems are proving to be a major encumbrance for banks looking to revolutionize their service delivery. It's time for banks to seriously consider replacing their aging ecosystems.According to a recent study by Oracle and the European Financial Marketing Association (EFMA), banks in the EMEA with Gen Y strategies were more likely to invest in modernizing their retail banking platforms, giving them a head start over banks that were ignoring this demographic and were more focused on maintaining and upgrading their core applications.
David Bomser is Senior Director, Oracle Financial Services Industry Business Unit.