Developing a plan for attracting and keeping your youngest customer
The battle for the next generation of banking customers is underway in the Lone Star State, and the money center banks are winning. For years, the biggest financial institutions in Texas have been locked in an arms race as they wrestle over the up-and-coming segment of Texans in Generation Y. Recently, the competition has escalated and the focus has shifted from cannibalizing market share among themselves to targeting customers at smaller institutions.
The collateral damage is causing pain for community banks that struggle to compete with advertising budgets and technology platforms that are far more advanced than what they currently offer. As a result, community banks are realizing that relying
on an aging base of baby boomer customers, although vital for the bank’s existence today, is not a sustainable strategy for the future.