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Industry News Young adults a growing segment of banking customer base 2010-02-25 Though customer attitudes towards banks have all shifted as a consequence of the recession, customer segmentation analysis may show that different kinds of customers have developed in different ways. A recent study shows that young adults are becoming one of the most important customer segments for banks, and in some respects are ahead of all others. The inaugural Retail Banking Consumer Dynamics study by Acxiom Corporation identified 12 customer segments, charting their relationships to banks on three levels - crisis of trust, regulatory changes and the advent of virtual and mobile banking. The results showed that young consumers are more likely than any other segment to purchase a home in the next six months, and are well-educated about bank procedures and offerings. Acxiom vice president of account management Randy Watson suggests that this trend could help promote customer loyalty in banking. "Their strong intent to make significant purchases, combined with renewed financial responsibility, indicate a unique opportunity for retail banks to build a more robust relationship with young adults early on," he says. Watson emphasized that now is the time to establish relationships with younger customers and to start them thinking about mortgage financing, retirement savings and investment education early on. A recent survey by Cisco Internet Business Solutions Group found that young consumers are more in tune to multimedia banking, and that engaging their demographic could yield a 10 percent revenue increase for the banking industry. 
Under 50 investors offer lucrative opportunity to financial services firms
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