Dealing with Gen Y is at the root of the changes we see and can expect in how Banks must interact with their customers. 

Everything that I have been writing here is magnified many times, when you zero in on this generation.

RedOrbit – Technology – Banks Give a Shout-Out to Gen Y: Young Adults Have Own Expectations, and Banks Are Rushing to Meet Them

“They shop online, they do their research online, they’re on the Internet,” said Lisa Phillips, a senior analyst with eMarketer Inc., a market research firm. “Once they start banking online, they get to feel more secure and then they are more open to do other services online.”

Eighty-two percent of 18- to 24-year-olds in the U.S. use the Internet, according to a recent Pew Internet & American Life Project study that looked at online usage by teens and adults in 2004 and 2005.

That figure increases to 85 percent with 25- to 29-year-olds.

Though Gen Yers are active online, they’re cautious about banking online. Their Internet experience has exposed them to such dangers as identity theft, fraud and phishing scams, Ms. Phillips said.

As a result, banks go out of their way to assure these customers that their sites are safe and secure.

“Bank Web sites will have to have the right information on there in the right place in order to get this generation,” said David Grove, Texas marketing director for North Carolina-based Wachovia Corp.

“Because the younger generation is more comfortable with technology, it’s an easier sell.”

Do it their way