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NEWSLETTER July 2010

Brace yourself – Here comes Generation Y

They have arrived at the Internet World with new attitude.

They are members of Facebook, MySpace or other social networking sites. They have iPhone, iPod, or iPad. This is a generation that gravitates instinctively toward technology, whether they’re using a mobile phone, downloading music or updating a Facebook page.


 CLICK HERE TO SEE WHO IS GENERATION Y!

Gen Y has 10 special characteristics:

1.    Continually connected
2.    Speak their own language
3.    Skeptical of authority
4.    Influenced by peers
5.    Seek recognition and fame
6.    Enjoy absurdity and odd humour
7.    Embrace a variety of subcultures
8.    Skin text and information quickly
9.    Easily bored
10.  Expressive and digitally creative

(Source: Forrester Research Center)
 

Generation Y is going to change the WEB

Gen Y is media savvy and conscious of being marketed to, brands that succeed in the future will be those that open a dialog with their customers, admit their mistakes, and essentially become more transparent. Companies' web sites that want to attract GenY'ers will become more like today's Web 2.0 sites. Social networking will be just a feature. Blogs will be standard ways for companies to reach their customers. Customer service won't just be a phone call away, it will be available via non-traditional means, too. Today, savvy companies might be using Twitter or Facebook, but that could change at any time if Gen Y moves on. Companies will have to keep up with Gen Y and not get too comfortable using any one format. Banks have to take into consideration these characteristics when offer products and solutions to their young customers!
 

Young clients need to have a device to manage their finances. Personal finance management application, like IND PFM, is useful to spend money consciously. All the transactions of the customer are categorized automatically or manually to tags like “food”, “travel”, or “cycling”, and for any past period the client can see and drill down how much money were spent on each category or subcategory. The spending is compared to the income each month, so the customer will realize if she/he is overspending. In addition, clients can get a design program (data visualization), which assists them to see their data more spectacularly.



Gen Y is crazy about mobile devices, iPhone and other smart phones. According to the Economist, there are over 4 Billion mobile phone users worldwide. While younger consumers adapt to smart phones more and more rapidly, banks must be prepared to offer mobile banking services to capture more of the Gen Y market. These consumers often use their smart phones instead of traditional land lines. They also consider their smart phones as a primary source to connect to the Internet.

 

Mobile banking applications, like IND iMobile Banking, became very important for internet banking young customers. It became inevitable for mobile banking to pop up, in order to meet clients’ needs to have access to their banking accounts everywhere. SMS alerts have worked before, but it is the browser-based “mobile internet banking” that is considered trendy today. The same security schemas can be used on the mobile phones as in the internet banking. 

 

Today another entirely new segment is sneaking around the market, that of gen-y “Mobile Traders” – they’re young, they’re empowered, they enjoy managing actively their investments and mobile phones are their most popular choice of access. Gen Y investors are increasingly involved in the market and are changing perceptions of investing. These young investors are the most likely to manage their own investments and to describe this activity as “fun and interesting“. IND Group has found the solution to give the ability to trade real-time via mobile devices with iMobile Trading solution. IND iMobile Trading application is well designed and developed with streaming real-time data, charts, watch lists, stocks, options, and future trading.

IND Group provides user friendly and targeted banking front-office solutions, which can be used anytime and anywhere.
 
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