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The banks will have to modernize to attract the generation Y

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January 19, 2018 10:30

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An analysis from Business Insider Intelligence (BI Intelligence) conducted in 2017 shows that 53% of adults in the generation Y would be more inclined to trust the giants of the technology as banks for their financial services.

The report said that banks will have to adopt new tools and technological services if they want to attract the younger customer who may turn to the financial services alternative.

Generation Y needs a simple solution

«Generation Y wants to save and invest, but need an easy way to start and stay the course. Banks have the opportunity to respond to this need with the help of tools and services powered by artificial intelligence and integrated in the banking experience in daily life. They also help their clients to save more, build investment plans, and achieve their financial goals, » stresses David Sosna, CEO and co-founder of Personetics, a fintech that puts artificial intelligence in the service of the financial institutions.

Among its customers, Personetics account RBC Royal Bank, which uses its platform Personetics Cognitive Banking to its savings service automated NOMI Find & Save. It is based on the predictive analysis of individual behaviors and spending habits in order to maximize the savings of clients.

New features

According to BI Intelligence, more and more banks will offer savings automated as soon as 2018, as several financial institutions have already deployed such services. The action will aim to build customer loyalty and encourage them to adopt better reflexes financial.

BI Intelligence also believes that in the coming years, the major banks will try to put in place management features digital smart personal finance to help make budgeting and technology.

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