NEW AGE CUSTOMERS BUILDING THE DIGITAL CAPABILITIES

Introduction Consumer markets in India are expected to reap the benefit of favorable macroeconomic parameters as well as its demographics. India is one of the youngest major countries globally and has become one of the major flag bearers of development across the globe.

- Deepak Kumar

The budding generation of these new-age customers are breaking into the workforce, heavily influencing the world around them. Their influence also defines how they are perceived, so that organizations can try to understand how to engage them. The influence they wield have created economic effects and impacted the Banking & Financial Sectors also.

New-age customers now enjoy a sense of disposable income and self-reliance. They grew up with increased access to information and consequently will be the best-educated and most informed consumers. Banks are poised strategically to take advantage of the opportunities this generation offers. Due to the rapid penetration of the Internet in India and with access to information, they are ready to drive the banking industry onto a whole new track in the near future.

Trend, Behaviours and Expectations

New Age Customers, also known as Generation Y or 'Gen Y' in short, are a population group in the age bracket of 18-35 years and also known as millennials. India is having the largest millennial population in absolute terms globally. Having a population of over 44 crores, the group constitutes nearly 34% of the country's total population and chief wage earners in the household in India.