Skip Header Navigation

Next Great Innovator > Blog

Blog

« New...and Improved | Main | What's in a Name? »

Symposium Youth Panel Insight

Since 1998, RBC has organized and staged an annual symposium, designed to foster business and technology innovation among employees. Featuring presentations by thought leaders in the business community and demonstrations by emerging technology vendors, the event always provides a compelling glimpse into the future of financial services.

The 2006 Applied Innovation Symposium, held October 11 – 12, continued the tradition of insightful, forward-looking presentations. One that captured my attention was a youth panel discussion, moderated by CityTV New Media Specialist, Amber MacArthur. Five young people, ranging in age from seventeen to twenty-one, shared their thoughts on a host of topics, including technology, media, brands and banking. I’ve been to my share of conferences, and it was extremely refreshing to hear these people share their candid opinions. Here are some of the highlights I recorded.

Technology – All of the panelists said they are comfortable using technology in their daily activities. In fact, most barely give it a second thought, since computers, cell phones, digital cameras and other tech tools have always been a natural part of their lives. For a couple of the panelists, enthusiasm for technology extends into computer programming, while others are content to use technology simply as a means to an end. The gadget of choice is a laptop computer.

Media – Panelists overwhelmingly pointed to the Internet as their primary source for news, information, and entertainment. Newspapers and magazines attract their attention on occasion, but they are simply no match for the immediacy, convenience, and sheer breadth of information on the Web. Even television takes a back seat to the Internet. As one panelist pointed out, all these other channels are passive – only the Internet enables you to seek the information you’re really interested in. Favourite websites include Google, Wikipedia, YouTube, and Facebook.

Brands – The discussion of brands yielded the greatest diversity of opinion. Panelists agreed that brands play a minor role, if any, in their personal purchase decisions. However, they acknowledged that brands can be important among their circle of friends. Brand preferences align strongly with personal interests. The sports enthusiast on the panel favoured brands like Nike and Adidas, while the technology lover liked Apple and Intel, and the fashionista preferred American Eagle.

Banking – The panelists had little experience with investment or insurance products, so the discussion of financial services focused on banking. Most panelists spend little time dealing with financial matters, relying instead on their parents to guide their financial affairs. Almost unanimously, panelists indicated that their primary financial relationship is with the same institution used by their parents. Despite their comfort with the Internet, few panelists are regular online banking users. By far, their most common banking interaction is with a debit card at the automated teller machine (ATM) or point-of-sale (POS) terminal.

This particular group of young people may or may not represent today’s teens at large. Nevertheless, it was interesting to hear their individual stories and some of the topics discussed may spark some ideas for your own exploration.

Posted by Nelson T. on November 12, 2006 9:23 PM

Post a comment






Submitted comments must relate to the RBC Next Great Innovator Challenge. All comments will be reviewed and only approved comments will be posted. HTML is not allowed. Comments that include personal attacks on RBC or RBC Employees or other participants in this forum, make obviously false or unsubstantiated allegations, or include vulgar or libelous language, will not be approved. Posted comments are the views of the individual author and not of Royal Bank of Canada. By submitting a comment, you agree to be bound by the Terms of the Innovator Blog.