Money: Yannick Callens asks are Generation Y and private banking compatible?
When two completely different worlds meet, that’s where we are today. At the crossroads where the Y Generation becomes mature enough to meet private banking. All over the world, new millionaires are getting younger, acquiring, for example, new technologies, social networks, new ideas etc.
In addition, it is the Y Generation that has shaken up the habits of society, codes, the ‘establishment’ and especially those of the banking world. Generation Y wants everything, and right now!
So, do they want tailor-made, personalized, private-banking offers? Generation Y is the group of people born between 1980 and 2000 in Western civilization, who are perceived as having specific sociological and behavioural characteristics – an equivalent term is ‘millennial’. They were young enough at the massive introduction of consumer computing to have acquired an intuitive mastery that usually exceeds that of their parents. They were also born with the beginnings of the public interest for ‘ecologism’.
But what is private banking? A private bank provides highly personalized and sophisticated financial services, often referred to as ‘Wealth Management’, to individuals with ‘significant’ net worth. Originally family based, with a personal commitment from the private banker with his family fortune, they are now frequently specialized departments of general network banks, which provide their high-end clientele with services similar to those of an independent private bank.
If Generation Y thinks more about ‘entrepreneurship’, a radical change in codes, and, for some, about ’empire’, and that private banking is rather based on ‘the family’ and ‘heritage’, do these different words ultimately not in fact mean the same thing? Namely, to leave a legacy of experience for future generations?
Private banking can provide solutions through its customized services to Generation Y, but it will have to listen to the needs of its customers. Because the world is moving fast, faster and faster, much like the money that they want to optimize.
In 2019, is it the one in a suit who is working for the one in shorts and T-shirt? Or is it the other way around? I invite you to decide for yourself. From my point of view, both can work together and find solutions to their needs.