As discussed in my previous blog, the question of a generation gap in banking is a bit nebulous. Depending on who you ask the answers can vary. One thing is clear, no generation is all branch or all digital. There is always a blend of services used and preferred methods for obtaining information.
By now, a majority of financial institutions recognize that marketing initiatives can and should be based on data, not guesswork. According to Capgemini, more than 60 percent of financial institutions in North America believe that big data analytics offers a significant competitive advantage and over 90 percent believe that successful big data initiatives will determine the winners of the future. Yet, many institutions still struggle to apply big data analytics to their marketing strategies. In fact, the same Capgemini study revealed that 63 percent of financial institutions are still in the exploration or experimentation phases of applying big data to initiatives within their organization.
In his international bestseller book “The Happiness Advantage,” positive psychology researcher, author, and “Ted-talker,” Sean Achor said “…give yourself an immediate competitive advantage by focusing on all the reasons you will succeed [and have succeeded], rather than fail. Remind yourself of the relevant skills you have, rather than those you lack.”