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millennials
As baby boomers age, they will pass their assets to their heirs. CFIs want to inherit those professional relationships. We discuss best practices for nurturing relationships with the next generation.
Looking for international business customers? You don’t need to look far. Many reside in your communities, but in places that you may not consider. According to JPMorgan Chase, 14% of SMBs plan on expanding beyond US borders in the next 3Ys. We uncover three places to find SMBs needing international services.
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.
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.
There have been several studies on millennials. We bring you some highlights so you can create more connections with these customers.
Many younger people are concerned with financial security. Could wealth management be a gateway for millennial customer acquisition?
Almost 33% of consumers and business owners agree that new technology will lead to safer payments. Subsequently, businesses are increasingly accepting card and digital payments. Can your bank support them?
A recent study found that 75% of millennials choose their banks based on recommendations from family and friends. We show how to attract millennials through your baby boomer customers.
It was recently reported that immigrants to the US now make up nearly one-third of all US entrepreneurs. We provide tips on how to attract and retain this important group of business customers.
There are 4.8mm Americans who consider themselves digital nomads. What are they and could there be opportunities here for community bankers?
According to one top advertising agency, we have gone from being exposed to 500 ads a day in the 1970s to more than 5,000 a day today. How can community banks break through that level of noise?
For community banks focused on a "personal touch," supporting a digital 24-7 world is challenging. We give you some tips to help.
Technology can blur the sense of connection between a bank and its customer. How community banks can stay connected in the tech age.
Before you start blaming your young bank employees' online habits for security issues, you will want to see what one survey found out.
Gone are the days when everyone’s career aspiration included becoming a manager. As more and more people decide they do not want the workload or burden of management positions, organizations need to rethink their approach to promoting people to management positions and training them for such responsibilities.
Following tradition, we're taking a look back at your favorite articles from this year as we BID adieu to 2024. This management-based article from May ranked third in readership this year. Gone are the days when everyone’s career aspiration included becoming a manager. As more and more people decide they do not want the workload or burden of management positions, organizations need to rethink their approach to promoting people to management positions and training them for such responsibilities.
With five very different generations of employees in the workforce together, leadership might struggle to appeal to all groups. We provide tips for CFI leadership on how best to manage a multi-generational team.
The “Great Wealth Transfer” presents significant opportunities for CFIs offering digital wealth management solutions that cater to tech-savvy, financially engaged millennials and Gen Zers.
There is more to generational differences than birth years. Being aware of the shared preferences among specific demographic groups can help CFIs’ efforts to tailor product offerings and marketing efforts to these individuals more effectively.
What do you need to know about digital-first customers? We shed some light on this topic with insights from a recent survey.
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.
Demand for loans is growing with millennials. Does your institution know how best to appeal to them?
As community banks look to millennials as future loan customers, they may need to rethink how they assess creditworthiness. We provide you with some thoughts here.
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.
Contrary to popular belief, many millennials actually care about their finances. Tips to help your millennial customers with their financial goals.
Millennials have been especially hard hit during the pandemic. We explain how to help these customers.
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.
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.
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.
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.
As some people migrate to the suburbs, community financial institutions have an unprecedented opportunity to attract these "on-the-move" customers. We provide three strategies to capture this segment.
Younger generations aren't naturally drawn to banking. We give you four ways to recruit for longevity & ROI.
Having the right approaches in place can increase the strategic importance of independence for all your stakeholders. We have some key strategies to start.
Smartwatch banking used to be only for the most tech-savvy financial institutions. But now, it can be another nifty tool for community financial institutions to offer, particularly to millennials and Gen Zers.
In a recent survey, 56% of financial institutions revealed that it is challenging to retain younger talent. We explain why, and how to tackle this situation.
Deposits at community banks are growing in rural areas faster than big banks. However, more needs to be done in metropolitan areas. We offer some guidance.
For those losing deposits to alternative accounts, it might make sense to think about revamping your traditional checking account with brand new features to lure depositors - particularly the younger crowd.
Faced with high childcare costs, many working parents are forced to take drastic measures. What your bank can do to retain these employees and keep them happy.
A few community banks are trying out the "subscription model" to attract and retain younger customers specifically. What to consider if you want to test this model.
Deposit growth is a top priority for banks, and appealing to millennials may be a way to do it. But, this can be tricky too.
We review a recent report from Deloitte on digital banking and explain how the findings can help your community bank.
One Gallup survey found workers 21 to 37Ys old were 3x more likely to change jobs than older workers. How can community bankers stem this flow?
Over a quarter of surveyed millennials said they would choose Bitcoin as an investment over stocks. How to talk to your millennials about cryptocurrencies.
Banks have a role in connecting multi-generation families from Baby Boomer grandparents to their grandchildren.
There is a new generation that could prove to be the best customers of your bank. How to start attracting them today.