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The inconsistency between what millennials say on surveys and their actual behavior should make bank marketers skeptical about building programs around such research.
I also believe that branches can be developed as competitive advantages for community financial institutions. Much like the credit union CEO thinks his branchingstrategy differentiates his CU. But, as our current strategy execution stands, there is much work to be done. The red: millennials.
This highlights an important banking concept: revenues are mostly driven off of balances, not activity. mBank’s light branch depicted above is located in a mall. Malls are experiencing difficulty in the United States, as millennials opt for smaller, urban environments to shop. And the rest of us are increasingly buying online.
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