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From Boomers to Zoomers: Preparing banks for the greatest generational wealth transfer in history

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During last few years, online behaviors for all demographics have evolved and customers’ expectations are often driven from other digital engagements in unrelated industries. 

In their latest research, Hero Digital examined several attributes, including trust, convenience, ease of interaction, and connection, to identify what is essential for banks to remain competitive, set them apart from their competition, and – most importantly – how these expectations differ by generation.

Baby Boomers are predicted to pass $8.8 trillion in assets to the generations following them over the next decade. Financial institutions need to be prepared to connect with these younger customers, taking into account how each generation’s bank relationships differ. 

 

The generations do not bank the same. How can banks continue to connect with their existing, aging customer base while also attracting new, younger customers?