In just a couple of years, kids born after the turn of the new millennium will enter our labour workforce. This is a generation that has never experienced the pre-internet era and their entry is likely to spur the growth of online banking, especially in emerging economies where the adoption of internet banking is still low. According to a Boston Consulting Group study, the number of online banking users in emerging economies like India is expected to rise from 45 million at present to breach the 150 million mark by 2020.
The paradigm shift in the way these new customers transact could pose a challenge to banking institutions and insurance companies that still rely on their reputation and offline network to establish their market presence. Here is a list of marketing challenges that these organizations might come to face over the next few years along with our ideas on how to overcome them.