How Banks Should Start Preparing for 2050
In this white paper we discuss four directions we see think are important for banks to consider if they are to become a bank of the future. We will consider how changing demographics of age and cultural diversity will impact banks, un-met needs that can differentiate banks from online-only competition, and how banks can best use new technology. The big news is that no longer will banks be able to rely on a one-size-fits-all approach – growth will be found by catering to niches, personalizing and customizing services and offering financial advice to key segments. This requires a major shift in approach and thinking, but those who are willing to see that there is a huge opportunity in such shifts will become tomorrow’s industry leaders.
How will tomorrow’s customer be different than your customer today? Aging boomers now outnumber children in Canada, population growth is being driven increasingly by immigration, and Generation Z will be the most diverse generation we have ever known on the planet. Home ownership is no longer a given, entrepreneurship is a Millennial state of mind and there are people on the planet who saw the invention of the radio and those who have never been without the internet. The economy is strained, global tension and environmental concerns are amping up. Like Generation X, Gen Z will be less idealistic than Millennials, and as Millennials have children their habits are evolving. Here we recommend four key considerations for banks to address the needs of these changing customers.
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