For Gen Y, be simple, quick, here & now!

A. J. Vinayak
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The well-informed and well-focussed ‘Gen Y’ is digitally connected and demands facility then and there. - Photo: P.V. Sivakumar
Business Line The well-informed and well-focussed ‘Gen Y’ is digitally connected and demands facility then and there. - Photo: P.V. Sivakumar

India's next generation wants to get banking facility ‘here, now and at an arm's length' in a manner that is simple, convenient and easy to access irrespective of the segments of customers and geographies.

This is how panellists at a breakout session on ‘Capturing opportunities in India's Gen Next' felt at Bancon 2011 in Chennai on Sunday. Personalisation of facility either through technology or through human beings plays an important role in this area.

Chairing the panel discussion, Mr B. Sambamurthy, Director of IDRBT, Hyderabad, said the well-informed and well-focused ‘Gen Y' is digitally connected and demands facility then and there.

Speaking on the business model for the ‘Gen Y', Mr Sanjeev Kapur, Chief Marketing Officer of CitiBank, said there is a contagious impatience among the new generation.

Already many sectors, such as pizza delivery service, have started responding to this segment. Banks have to redefine its service process to meet this requirement.

Presenting the views of a public sector bank, Mr R. Ramachandran, Chairman and Managing Director, Andhra Bank, allayed fears of losing next gen customers. He said a huge number representing the next generation will emerge from rural and semi-urban areas. However, their needs may be different from the past, especially on the credit side.

A strong HR force will be the real game-changer in meeting the requirements of young customers, he said. Mr Ashwani Kumar, Executive Director of Corporation Bank, said the ‘Gen Y' prefers to do banking in a manner similar to what its peer group is doing. Loyalty will not be a problem as long as they are satisfied, he said.

Ms Sonu Bhasin, Group President, Branch Banking, YES Bank, said the mass personalisation of technology will change the banking offered from the present to the next generation. “We need to be relevant to the people who deal with us,” she said.

Mr Shankar Kalyana, Chief Technology Officer of IBM, said technologies such as near field communication and social media networks acting as virtual branches will redefine banking for the next generation.

Concluding the session, Mr Sambamurthy said there is a need to revisit the business, operating and marketing models, and embrace technology and social media network to tap opportunities in India's next generation of customers.

(This article was published on November 6, 2011)
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