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Compass Plus – Know your audience: why age matters in banking

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Compass Plus - Know your audience: why age matters in banking

The banking industry is saturated with buzz words and all banks need to be seen to be advocates of these words, whether it’s open banking and PSD2, or agile work environments, or CX and UX, or catering for millennials. But is this hype reaching your target audience?

We all know age is hugely important in terms of customer behaviour, but do you know the average age of your customer? Across North America, the average age is 35, and actually this differs significantly within the region (42.2 in Canada, 28.1 in the US and 28.3 in Mexico). In Central America, age averages out at 22.4, rising to 31 in South America. In Europe it increases to 42, whilst in Africa it is merely 18, with Asia Pacific and the Middle East averaging in the early 30s. There are also massive differences within these regions country-to-country, from 31 in China to 47.3 in Japan, and again from 31 in the UAE to 18.8 in Afghanistan.

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