Next Wave of Growth in Retail Banking: Gen Y

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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.