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Philip Farah Speaks to ABC7 News About Retail Banking and Gen Y
Philip Farah and Cisco IBSG recently released a study that looks at retail banks and U.S. consumers to explore their evolving financial priorities, service expectations from banks, and interaction preferences.
Young Consumers Transforming Retail Banking
Cisco IBSG's Jörgen Ericsson and Philip Farah address the recent Cisco Retail Banking Survey which shows how the post-crisis financial needs of younger consumers will transform retail banking services.
Generation Y consumers (born between 1980 and 1992) need and want advice about how to manage their day-to-day finances. Debt reduction, expense management and financial education are key priorities for younger consumers. They want banks to address their needs using the tools they and their peers have adopted, including mobile devices, video, and social networking. These younger consumers represent a new and important growth opportunity for proactive banks.
Documents
- Cisco Internet Business Solutions Group (IBSG) Financial Services Overview
The Backgrounder discusses how Cisco IBSG helps financial services firms develop innovative services, while keeping costs low, and increase revenues and market share post-recession. - The Next Growth Opportunity for Banks
This report from Cisco IBSG explores how the post-crisis financial needs of younger consumers will transform retail banking services. - Top 10 Reasons Young Consumers Will Transform Retail Banking
This Executive Summary highlights findings from a Cisco IBSG study on the evolving financial priorities, service expectations from banks, and interaction preferences of 1,055 U.S. consumers. - How Banks Can Capture Mindshare and Increase Revenue
This survey from Cisco IBSG shows the profound impact Generation X and Y consumers will have on retail banking, providing the next opportunity for revenue growth.
Resources
- Press Release - Cisco Retail Banking Survey Finds Generation Y Consumers' Needs Will Transform Retail Banking
- Top 10 Reasons Young Consumers Will Transform Retail Banking