Banks Look to Internet to Draw Gen Y Patrons

The Internet is playing an increasingly important role when marketing banking services to Generation Y customers. This tech savvy generation often relies on the Internet for everything from shopping to banking. Because of these mobile customers, it has become critical for banks to offer free Internet services. Brand loyalty cannot be depended on when competing for younger customers. Special offerings, such as no minimum balances, may also help to acquire and retain Gen Yers. The most important thing to Generation Y is convenience and time management, says Legacy Bank spokesman Dave Perkins. Checkbooks may be a thing of the past as debit cards offer quicker and more convenient service. Banks must offer new high tech services to compete as traditional banking services begin to fall away. Mobile trends, such as banking from cell phones, may prove to be a strong area of growth for banks seeking the business of Generation Y.

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