Generation Y respondents indicated that 1.53% use WhatsApp/WeChat to communicate with the bank and 2.29 % of the respondents use LinkedIn to communicate with the bank.
The p-value as determined by the Chi-Square test is more than 0.05 therefore there is no significant statistical difference between the use all the communication tools.
Table 5.18 The way the bank communicates with both generations
Bank uses to communicate with
generations
Facebook % Twitter % Email % SMS % Mail% Telephone % WhatsApp/
WeChat % LinkedIn %
Baby Boomers (n=69)
Not used
0
100
0
100
11.59
88.41
30.43
69.57
7.25
92.75
15.94
84.06 0
100
0
100 Generation Y
(n=131) Not used
0
100
0.7
99.3
12.21
87.79
49.62
50.38
3.82
96.18
6.11
93.89
0.76
99.24
0.76
99.24 p-value 0 0 0.8980 0.0092 0.2901 0.0241 0.4669 0.4669
Table 5.18 indicates the following:
Only 0.76 % of Generation Y respondents indicated that the bank uses WhatsApp/WeChat to communicate with them and 12.21 % of them indicated the bank uses email as a tool of communication.
None of the Baby Boomer (0 %) respondents indicated that the bank utilises WhatsApp/WeChat to communicate with them, but 11.59 % of this cohort respondents indicated that the bank does utilise email as a tool of communication.
Not one of the Baby Boomers (0 %) or Generation Y (0 %) respondents indicated that the bank uses Facebook or Twitter to communicate with either of them.
The p-value as determined by the Chi-Square test is more than 0.05 therefore there is no significant statistical difference between the usages of the communication tools with the exception of SMS (p=0.0092) and the telephone (p=0.0241) which is lower than the p-value. The usage of SMS and the telephone by the bank as indicated by the respondents of both generations is significantly different between the two generations.
Table 5.19 Preferred communication tools of both generations
Generation’s preferred tool of
communicatio n
Facebook % Twitter % Email % SMS% Mail% Telephone % WhatsApp/
WeChat % LinkedIn %
Baby Boomers (n=69)
Not preferred 0
100
0
100
13.04
86.96
24.64
75.36
4.35
95.65
26.09
73.81
1.45
98.55
1.45
98.55 Generation Y
(n=131) Not preferred
5.34
94.66
0
100
17.56
82.44
41.22
58.78
0.76
99.24
6.11
93.89
1.53
98.47
0.76
99.24 p-value 0.0506 0 0.4078 0.0198 0.0852 0.0001 0.9658 0.6430
Table 5.19 indicates the following:
Both the Baby Boomer (0 %) and Generation Y (0 %) respondents indicated Twitter is not a preferred tool of communication for either of them.
The Baby Boomer respondents indicated that 13.04 % prefer email as a tool of communication compared to 17.56 % of Generation Y respondents.
A larger number of the Baby Boomer (26.90 %) respondents would rather use the telephone as a communication tool compared to Generation Y (6.11 %) respondents.
The above table indicates that the p-value as determined by the Chi-Square test is more than 0.05, therefore there is no significant statistical difference between the usages of the communication tools except the telephone (p=0.0001) and SMS (0.0198). This indicates that the bank should focus on this communication tool because it is of statistical importance.
In the following section the researcher will establish the satisfaction level of the two generations with regard to the different communication tools being used by the bank.
Fig 5.1
5.12 Satisfaction levels of Baby Boomer and Generation Y respondents when 0000using their preferred tool of communication
The graph above focuses specifically on how satisfied the Generation Y respondents are with specific modern and traditional communication tools. It gives an indication which communication tools are more popular with these respondents.
Fig 5.1 illustrates the following
Sixty six point three percent (29.7 plus 36.6) of Generation Y respondents are satisfied to very satisfied with using SMS as a communication tool, and 48 % (24.4 % plus 23.6 %) are satisfied to very satisfied, when the bank uses emails to communicate with them.
This generation indicates that 9.1 % of the respondents are not satisfied with utilising Facebook as a tool of communication, and 4.5 % (3.8 % plus 0.7 %) of the respondents are satisfied to very satisfied, with this medium.
Although 4.5 % of the respondents of Generation Y indicated that they are not satisfied with the telephone as a communication tool, 6.1 % was very satisfied and 19.8 % was satisfied.
The following figure deals with how satisfied the Baby Boomer respondents are with the traditional and modern communication tools. It graphically indicates the levels of satisfaction between specific tools of communication from both traditional and modern communication tools.
Fig 5.2 illustrates the following:
Thirty seven point six percent (27.5 plus 10.1) of the Baby Boomer respondents are satisfied to very satisfied, when the telephone is used as a communication tool.
Of the respondents 23.1 % (10.1 plus 13) also indicated a satisfied to very satisfied level when SMS is used as a communication tool, but SMS as a tool of communication also shows a not satisfied level of 4.3 % whilst 2.8 % of the respondents did not make use of it.
Fig 5.2
The following section shows tables that illustrated both traditional and modern communication tools that are preferred by the two cohorts being studied and compares them against the tools that the respondents indicated as actually being used by the bank. In other words, the graphs demonstrates the preferred communication tool against the actual tools being used by the commercial banks
5.13 Preferred tool of communication compared to actual tool of 0000communication used as indicated by both cohorts
This section deals with the specific traditional communication tools used by the bank as indicated by the respondents of both cohorts to communicate with them, and the specific traditional communication tools these cohorts prefer. It also illustrates the comparison between the findings of the aforementioned statement.
The tables that illustrate the actual specific modern communication tools used by the bank as indicated by the respondents of both generations to communicate with them and the specific modern communication tools these two cohorts prefer, yielded insufficient response and therefore the tables are not included in this section. The researcher did a McNemar test on the questions that were completed to establish if there is a significant statistical difference with regard to the answers.
Table 5.20 Bank communicates with Baby Boomers using traditional communication 0000000000tools
Actual % Preferred % p-value
Email 11.59 13.04 0.7055
SMS 30.43 24.64 0.3458
Mail 7.25 4.35 0.4142
Telephone 15.94 26.09 1.0348
Table 5.20 indicates the following:
From the Baby Boomer respondents that completed the questionnaire 26.09
% prefers that the bank uses the telephone as a tool of communication to communicate with them, while the bank only communicates with 15.94% of the respondents when using the telephone as a tool of communication.
Only 13.06% of the respondents indicated they preferred the bank to use email as a communication tool, but the bank communicates with 11.59 % of the respondents when utilising this tool.
The bank communicates to 7.25 % of the Baby Boomer respondents using mail, but only 4.35 % of the respondents prefer this tool of communication.
There is no significant statistical difference between all the traditional communication tools used as indicated by the p-values in table 5.20 above.
Table 5.21 Bank communicates with Generation Y using traditional communication 0000000000tools
Actual % Preferred % p-value
Email 12.21 17.56 0.0522
SMS 49.62 41.22 0.0278
Mail 3.82 0.76 0.0455
Telephone 6.11 6.11 1.0000
Table 5.21 indicates the following:
The bank uses SMS to communicate with 49.62 % of the Generation Y respondents, but only 41.22% of these respondents indicated that they prefer SMS as a tool of communication. The p-value indicates that there is a
From the Generation Y respondents 17.56 % indicated that they prefer email as a tool of communication, while the bank only communicates to 12.21 % of the respondents using this tool.
Of the Generation Y respondents, 0.76 % of them prefer mail as a traditional communication tool and the bank communicates with 3.82 % of them according to the respondents using mail as a communication tool.
The p-values for SMS (p=0.0278) and mail (p=0.0455) is less than 0.05, which indicates that there is a significant statistical difference between in the usages and preference of these two communication tools and it is worthy of the bank’s attention.
In the section that follows, the possible reasons why respondents from the Baby Boomer and Generation Y cohort would consider moving their main transactional accounts from this commercial bank will be investigated.
5.14 Reasons why the cohort respondents are likely to move their respective