What the rise of the millennials means for Latin American banks

In The News : July 8, 2015

In this second part of the Q&A, our co-founder, CMO and Alliances, German Pugliese-Bassi, explains how millennials are changing Latin American banks.

The economic emergence of the millennial generation is having a profound impact on traditional banking models worldwide. In Latin America alone, there are 160mn millennials. In the US, 71% of millennials would rather go to the dentist than listen to what banks are saying, because they really know what the dentist is, but they don’t really see banks in their lives, says German Pugliese Bassi, co-founder, CMO and Alliances at Technisys in an interview to BN Americas. The challenge of banks is to be visible in millennials’ day-to-­day and the way to do that is to think about the customer experience.

 

The main barriers are the organizational changes that a bank needs to go through to become digital and embrace this kind of approach. Banks have to change what they have been doing for years into something new because consumers are pushing for change. If we’re living differently, why should we be banking as we were in the 1950?

 

Read the full interview here (suscribers only):