Gen Y and the Community Bank

Let’s play a little game.  Can you define who makes up the following generations?

1.       Traditionalist

2.       Baby Boomer

3.       Gen X

4.       Gen Y

The answers are….

Traditionalists were born before 1946.  Baby Boomers were born from 1946 to 1964.  Gen Xers were born from 1965 to 1977.  Gen Y started showing up after 1977.

By the way, Gen Y is also referred to as Echo Boomers, The Connecteds, and Millennials.

I've heard Baby Boomers refer to Gen Y as being born internet ready.  When my Baby Boomer friends ask a computer question, I tend to refer them to their Gen Y children or grandchildren.

How important is Gen Y to community banks?   The answer is very important!  Why?  According to Millennial Leaders: Success Stories From Today's Most Brilliant Generation Y Leaders Gen Y numbers 74 million strong in the United States right now and they will soon outnumber the Baby Boomers who have dominated the workplace for two generations.

Why is this significant?  Gen Y brings a new set of behavioral standards unlike their baby Boomer parents or any other generation.  Millennial Leaders: Success Stories From Today's Most Brilliant Generation Y Leaders says “Here is a generation of young adults who have never been without the Internet or cell phones.  The Soviet Union existed only in their history books.  To ‘Google’ is a verb and text massaging is their email.”

Gen Y is far more cause-driven than any generation that preceded them.  Remember the “old days” when you got a toaster or potted plant as a gift for opening a new bank account?  Toasters or potted plants don’t have much meaning to Gen Y, but make a contribution to one of their causes and they’ll pay attention.

Is your internet banking service impressive?  Gen Y is not impressed with internet banking, it’s just one of those things they expect… but internet banking alone is not enough.  Gen Y wants the power in the palm of their hand.  Gen Y expects s to do their banking wirelessly using their cell phone… and I don’t mean telephone banking!

Does Gen Y have specific expectations from their employers?  You better believe it!  According to the GEN Y PROJECT , this group not only wants to become leaders in their job, but they expect it as a reason to continue employment.  Gen Y is not afraid to change jobs to meet their personal objectives.  For more details, click here to see the Gen Y at Work Survey .

Bea Fields, one of the authors of Millennial Leaders: Success Stories From Today's Most Brilliant Generation Y Leaders will be joining Eric Cook of WSI Internet Consulting and me on a free webinar on Wednesday, March 4, 2009, at 1 PM EST.

Join us for this free webinar.  Click here to register.

Eric and I will be interviewing Bea to learn more about doing business with Gen Y.

Learn more about Bea Fields and here work:

Bea Fields Companies website

Millennial Leaders Blog

BOOKS BY BEA FIELDS: