Millennials are currently the largest adult generation in the nation, and they have the largest economic impact. They’re over 2 billion strong with spending power in excess of $200 billion. But “banks have largely left millennial banking habits out of the picture when developing marketing strategies,” according to Everfi, a financial education firm.
The Financial Institution Learning Center
A banking blog that answers the industry's top questions and problems.
Traditionally, communities in rural areas relied pretty heavily on smaller banks to provide them with all their banking needs. And you would think banks in rural areas still have this advantage over big banks because they’re generally the only bank around for miles, but it’s actually becoming more difficult than ever for these institutions to grow deposits. What’s going on?
Providing your customers and potential prospects with a great website experience is crucial in today’s world. We live in a world of information where we can Google whatever we want to find our answer in a matter of seconds. That’s why it’s more than important for your bank to be creating special offers, education content, and beautiful landing pages that’ll keep your customers interested, engaged, and coming back for more. But to help you manage and create this content, you'll need a solid content management system that works well for your bank’s needs.
APIs (application programming interfaces) are simply communication tools for software applications. APIs are leading to key advances within the banking industry as financial institutions continue to collaborate with third parties.
Technology continues to progress faster than in past years. Today it only takes computers 12 to 18 months to double their capabilities. With this fast pace of technological developments, each succeeding generation is becoming more and more tech savvy. In fact, many banks are preparing now to provide the digital accommodations Gen Zers seek.
As a competent leader, you have most likely begun the process of equipping your financial institution with a content management system or other core services available via API. Partnering with the best financial processing software providers and using the most extensive arsenal of tools will help ensure survival in this highly competitive digital economy.