Bank of Baroda, Federal Bank hope to catch them young

The two banks have chosen to go down two divergent paths in their quest for the young customer base

When a recent survey informed the top team at Bank of Baroda (BoB) that close to 70 per cent of its customer base was less than 40 years of age, it took everyone by surprise. While there was a growing realisation that the bank’s customer profile was rapidly changing, the survey set things clearly in perspective. At another bank, another survey served a similar purpose: The majority, around 55 per cent, of the transactions being conducted with Federal Bank was via the digital route. For the bank, this was a signal to focus its branding initiatives around the digital consumer,