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Marketing Your Institution: Understanding Generations - Part III: How Your Institution Can Retain Boomers

Posted by Strategically Speaking

Wed, Apr 03, 2019 @ 10:01 AM


Millennials and Gen Zers may be nipping at the heels of Baby Boomers (born between 1946 and 1964)[1] … but they haven’t caught up yet. While developing strategies to attract and retain younger generations of customers remains paramount to the future success of institutions, it would be careless to exclude today’s most lucrative group from your marketing efforts.

The Boomer generation still controls 70% of the nation’s disposable income, and over the next two decades, spending by Americans over age 50 is projected to increase by 58% – whereas ages 25-50 will only grow by 24%.[2] And yet, organizations are spending 500% more on marketing to Millennials than to any other demographic group.[3] Unfortunately for community banks and credit unions, this oversight has led to nearly 25% of all Boomers being unhappy with the banking industry and 12% being actively disengaged with their primary institutions.[4] 

So, what can institutions do to make their Baby Boomer customers happy and increase retention rates? 

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Topics: Credit Unions, Digital, Community Banks, FI Operations

Marketing Your Institution: Understanding Generations - Part II: How Your Institution Can Market to Gen Z

Posted by Strategically Speaking

Mon, Apr 01, 2019 @ 07:36 AM

The oldest among the rising generation known as Gen Z is turning 22 this year, which means this demographic has never known a world without cell phones and the Internet. Pew Research Center defines Gen Zers as anyone born after 1997, and Millennials as persons born between 1981 and 1996.[1] While Millennials grew up with landlines and dial-up Internet, Gen Zers are true digital natives whose instinctual relationship to technology leads them to expect instant and convenient everything.

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Topics: Credit Unions, Community Banks, FI Operations, Future Ready

Marketing Your Institution: Understanding Generations - Part I: How Your Institution Can Attract Millennials

Posted by Strategically Speaking

Wed, Mar 27, 2019 @ 01:00 PM

Part I: How Your Institution Can Attract Millennials

Fact #1: Millennials (persons born between 1981 and 1996)[1] make up the fastest-growing segment of today’s population and are on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation.[2] Fact #2: In 2016, Millennials officially became the largest generation in the American workforce.[3] Fact #3: Millennials currently have more spending power in the United States than any other generation.[4]

The bottom line? Millennials may very well represent the single greatest opportunity for growth for your financial institution.

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Topics: Credit Unions, Community Banks, FI Operations, Future Ready

5 Ways to Get the Most Out of Your Data

Posted by Strategically Speaking

Wed, Feb 27, 2019 @ 11:00 AM

 

Data is indispensable. With it, you can make informed decisions to increase customer retention, employee satisfaction, and revenue. Without it, you’re risking your profitability, your performance, and in some cases, your credibility with customers, staff, and board.

But just having data isn’t enough. You need to know how to get the most out of it. Because if you’re still performing manual report processes or cobbling together data from various sources within a spiderweb of spreadsheets, you’re missing out on a significant amount of those key data points. And your leaders can’t make informed decisions because they’re only getting a portion of what they need … and the information they are getting, they’re getting too slowly.

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Topics: Credit Unions, Financial Institution, Community Banks, Data and Analytics

Holiday Shopping Safety

Posted by Strategically Speaking

Wed, Nov 14, 2018 @ 11:00 AM

Naughty or nice! A perfect holiday line to summarize what cardholders, financial institutions, and merchants wonder about each credit and debit card transaction this time of year.

We know once fall arrives that the holiday season is close behind. Physical stores and online sites begin promotions and holiday décor early, well before Thanksgiving arrives. Consumers start shopping early. We move fast. Fraudsters count on that.

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Topics: Financial Institution, Payments, Information Security, Cybersecurity

Three Ways Financial Services Leaders Can Improve Talent Management

Posted by Strategically Speaking

Wed, Jun 27, 2018 @ 11:00 AM

Talent management is one of the most important elements in driving a healthy financial services industry.  Because banking is no longer viewed as one of the most “attractive” industries, financial service organizations are now competing both inside and outside of the industry when recruiting employees.

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Topics: Financial Service Industry Research, Financial Institution, Community Banks, FI Operations

Top 5 Commercial Lending Posts of 2017 – Part 2

Posted by Strategically Speaking

Fri, Dec 29, 2017 @ 11:00 AM

As 2017 draws to a close, it’s a good time to look back, take stock of our progress … and perhaps catch up on a few things missed along the way. If, by chance, insightful commercial lending blog posts were among your missed opportunities, we submit this list of Strategically Speaking gems from the second half of the year for your consumption. Happy reading!

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Topics: Commercial Lending

Top 5 Commercial Lending Posts of 2017

Posted by Strategically Speaking

Fri, Jul 28, 2017 @ 11:00 AM

As summer draws to a close, many of us are grabbing a last reprieve from the office grind to unwind, recharge, and perhaps even catch up on our reading. If you like to seek out new ideas in your downtime, then consider this short list of the most popular commercial lending blog posts from Strategically Thinking so far in 2017.

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Topics: Commercial Lending

Summer Recap: The Top 5 Strategically Speaking Posts So Far!

Posted by Strategically Speaking

Wed, Jul 26, 2017 @ 11:50 AM

It's a hot one this year. Cool down with a recap of the top Strategically Speaking posts of the summer.

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Topics: Financial Service Industry Research

The Top 5 Strategically Speaking Posts of 2016

Posted by Strategically Speaking

Wed, Dec 21, 2016 @ 11:15 AM

Whether you're traveling this weekend to visit family or staying in with your loved ones, take a moment to view some of the most popular Strategically Speaking posts of 2016.

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Topics: Financial Service Industry Research

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