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BID Newsletters
Jul 23, 2021
Millennials seem to be lagging behind their generational cohorts financially. Yet, there are indicators that this could be changing. Compared to baby boomers, millennials had higher incomes and more financial assets at 40. Let’s look at the financial challenges this demographic faces and the traits that make them solid, profitable bank customers.
May 16, 2022
Zillennials are a micro-generation between Gen Z and millennials that have grown by five million employees in the past 5Ys, according to the US Bureau of Labor. They have also grown highly dissatisfied with their jobs. We provide highlights from a new study and guide you on how to appeal to this micro-generation.
Feb 9, 2022
Gen X and millennials will receive $68.4T in transferred wealth over the next 25 years. Making sure that you have nurtured household relationships to retain these critical customers could provide community financial institutions with a long-term profitable customer base. Wealth management services offer a unique opportunity to target these age groups. Here are five strategies to help.
Aug 12, 2021
Bank of America recently projected that Gen Z will be the “most disruptive generation ever.” Not only is their income expected to exceed that of millennials in 10Ys, but they are also more highly educated than their cohorts. Let’s explore three approaches to engage them and gain a competitive advantage.
Aug 4, 2022
The pandemic may have driven more people to digital banking channels, but CFIs shouldn’t go overboard overhauling all of their branches to strip away essentials — particularly human staff. Branch design going forward should be a mix of styles, depending on customer makeup and geography, with a “hub and spoke” approach that is flexible to accommodate changing characteristics.
May 12, 2022
Financial institutions are increasingly under pressure from stakeholders to demonstrate their commitment to addressing environmental, social, and governance (ESG) issues. We look at four ways in which ESG initiatives could result in benefits for community financial institutions, such as attracting new customers, as well as contributing to a more sustainable future for their communities and beyond.
Jan 27, 2022
With gaming revenue reaching over $180B worldwide, some companies are tapping into the virtual worlds of online gaming to market their brands and engage with new customers. While this marketing channel is still in its early stages, some creative and forward-looking community financial institutions may do the research and take the leap. We share an update on metaverse marketing.
Nov 3, 2021
Community financial institutions (CFIs) face an aging customer base, while managing rising competition from larger banks and new challengers. To maintain their relevance and continue to prosper, CFIs need to attract a younger clientele. We look at what CFIs can do to win over the younger generations.
Oct 1, 2021
America’s 72MM baby boomers are starting to retire. Given that they own approximately 40% of small businesses, is your community financial institution prepared for the resulting shift in ownership and transfer of wealth? We provide three strategies to pave the way for a successful transition — start the conversation with your clients early, establish a relationship with the new owners, and onboard them seamlessly.
Nov 16, 2022
Following yet another interest rate hike, economists are predicting that the housing market will not only continue to slow, but will hit a major downturn in 2023. We discuss how CFIs can pivot and demonstrate their value to potential borrowers, when it occurs.
Oct 11, 2022
How many features should a mobile banking app contain? According to one survey, the sky’s the limit — provided the app remains easy to use. We delve into the seven must-have features that customers are seeking, as well as five additional features to help your institution’s app stand out.
Sep 2, 2022
By 2025, more than half the world’s workforce will need to reskill, according to the World Economic Forum. Offering training opportunities and recognizing the contributions of employees are among the best ways for organizations to address skill gaps and to hold on to key talent.
Sep 1, 2022
Could a subscription model take the place of à la carte bank fees? We explain the pluses and minuses of that business strategy, as well as different options to bring the subscription model experience to your customers.
Dec 21, 2021
The Great Resignation has hit all industries, including the financial industry. With the high cost of employee turnover, even community financial institutions need to be proactive in retaining staff. We share four strategies that your peers are finding helpful to successfully combat employee turnover and keep staff happy.
Nov 30, 2021
The residential rental market is soaring, both for single-family and multifamily rentals. An exceptionally tight housing market, low vacancy rates, and COVID-related shifts in demand for building use have led to unprecedented growth in rentals and sky-high prices. We take a closer look at the dynamics of the rental market and the implications for community financial institutions.
Sep 7, 2021
Digital account opening is not just for consumers. In fact, one community financial institution reported a 100% increase in the number of business customers using digital account openings during lockdown. This trend is expected to continue, especially among younger bank customers. Here are three steps to optimize the digital onboarding customer experience.
Sep 2, 2021
The wealth transfer of $68.4T is coming. Do you have the wealth management services to support this? Community financial institutions with these services gain a new revenue stream, strengthen existing client relationships, and attract new customers. Here are the opportunities and obstacles when planning for wealth management services.
Jun 24, 2021
About 50% of people use at least two finance apps, according to Mambu worldwide research. So, how can community financial institutions keep their customers engaged with such a plethora of apps? Understanding app usage and what your customers are looking for in finance apps will put you on the right path to respond to the plethora of finance apps.
May 17, 2021
Podcasts are smart marketing. They have a recall rate 4x higher than other digital channels and the number of US podcast listeners is expected to grow 16% YoY to over 106MM. If you want to start a podcast, the steps include planning a series, reviewing other podcasts, and finalizing your podcast format.
Apr 8, 2021
Generation Z’s spending power is $3.4T globally and $143B in the States alone. They are becoming a powerful force, yet they welcome guidance and advice. Community financial institutions have an opportunity to reach these 78MM Americans by offering entrepreneurial guidance, providing financial education, and connecting with their altruism.