Changing Attitudes and Expectations

Decision Making Process; Advisory Services

Channel Optimization

Key Finding from a Previous SYNERGISTICS Research Survey:

Results from SYNERGISTICS 2013 study, Generational Marketing Strategies: Gen Y, Gen X, & Baby Boomers, found that Millennials were more likely than Gen X and Baby Boomers to be using mobile banking.  How has this picture changed over the past several years.

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Highlights of the Study

This study will assist providers in developing financial services products, programs, and marketing strategies to target each of these important market segments: Millennials, Gen X, and Baby Boomers.

National Internet Survey – The survey will include 1,000 Internet interviews comprised of a minimum of 300 in each of the following age ranges: Millennials ages 18-35, Gen X ages 36-51, and Baby Boomers ages 52-70.

Key Dates

July 22, 2016 – Charter fee/Intro pricing ends.

July 22, 2016 – Final acceptance of comments on questionnaire.

October 2016 – Project Report available.

Strategic Questions

  • How is financial behavior and activity different – or similar – among Millennial, Gen X, and Baby Boomer households? Does usage of and demand for accounts and services vary by segment?
  • How do selection factors and criteria for choosing a financial provider differ among generational segments? Which segments are attracted to alternative or non-traditional providers?
  • How do the generational segments differ in terms of payment habits and preferences? What is the activity profile for various payment methods – including checks, debit cards, credit cards, and prepaid cards.  What are the preferred payment mechanisms for e-commerce?
  • Which financial goals or objectives have the highest priority among the generational segments? Are traditional goals – such as buying a home or saving for a child’s education – being supplanted by other issues or concerns?  What financial education topics have the widest appeal to each generation?
  • How do the generational segments differ in channel behavior when shopping for financial products – both in terms of obtaining information or advice and applying for an account or service? How much impact does social media have on the account acquisition process?
  • How do the generational segments differ in their comfort level and usage of innovative technologies for financial services? Is online access by PC becoming “mainstream” across all groups?  What is the relative potential for mobile innovations such as RDC, P2P payments, and mobile payments?  To which segments do wearables have the most appeal?
  • Aside from the obvious age segmentation, what traits, behaviors, and attitudinal variables are useful for designing generational marketing strategies and tactics?

Research Issues

  • Most financial services providers recognize the importance of having strategies for marketing to the three population segments that currently dominate the financial services marketplace – Baby Boomers, Generation X, and Millennials. Each of these groups has a unique set of generational experiences that may influence their approach to financial services and make their behavior unique.
  • Baby Boomers, born between 1946 and 1964, are currently ages 52 to 70 and the older members of this group are now entering retirement.  Many Baby Boomers may be redefining what is meant by retirement as a result of recent economic turmoil. Generation X members are currently ages 36 to 51 and have entered mid-life characterized by expanded financial services needs.  Generation Y – also known as Millennials – are currently ages 14 to 35.  This group is in the life building stage and at the beginning of their financial life cycle.
  • This new survey examines their usage of financial services and various types of providers.  It assesses how the decision making process may differ among the groups including their usage of professional advisors. The channel usage of each group will also be examined. SYNERGISITCS will identify how best to connect with and market to each group.  It is essential for providers to have an understanding of each of these groups in developing and refining their generational marketing strategies and programs. [F246]