Many banks are struggling with how to create an online experience that resonates with Generation Y, builds trust, delivers useful financial products and services and does not alienate older customers. "Gen Y cares about the experience, it's really all about the experience," says Geoff Knapp, vp of online banking and consumer insights at Fiserv. "Most banks are in a bit of a quandary. They don't want to create an environment so tailored to Gen Y that it puts off the Baby Boomers."

Given that it takes 15 average Gen Y customers to generate the profits of one average Baby Boomer, according to Aite senior analyst Ron Shevlin, this is no minor consideration for banks. Brussels-based Dexia Bank is trying to do satisfy both groups. It created a whole separate bank, Axion, exclusively to serve customers aged 12-24. Jeffrey Pilcher, a consultant and publisher of The Financial, says this bank is much more than a "reskinned bank with a lifestyle veneer." Axion is a bank within a bank that offers unique products, promotions and educational resources targeted to a narrow segment and marketed under a separate standalone bank brand.

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