They are “finding in second- and third-generation members of families, it’s not as important to them to have branch walk-in that is serviced and spoken in their native language … as it was for their parents,” Siegman said. “And so the banks are all seeing a lot of difficulty both in attracting as well as retaining a younger clientele.”
Part of the problem has been their failure to sufficiently invest in digital and customer-engagement technology, Siegman said. People in their 30s and 40s have decided “these banks don’t meet their needs,” he said.
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