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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.
The post Why Millennials and Gen Z Love the Biggest Financial Institutions appeared first on The Financial Brand. Younger adults want both technology and personal support from their banking provider. Right now, the megabanks are best at providing both.
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.
A solid case can be made to stop building new branches. But with Millennials and Gen Z years from profitability, catering solely to them is a big blunder. The post Bank Branches Are Dead. Long Live the Branch! appeared first on The Financial Brand.
Shift is powered by Millennials' love of interactive mobile banking tools. The post Digital Overtaking Branches as the Place Consumers Get Advice appeared first on The Financial Brand. Biggest banks have clear edge over regionals, consumer study shows.
Most consumers still visit branches regularly, proving that branch banking continues to play a critical role in the delivery of retail financial services.
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. This highlights an important banking concept: revenues are mostly driven off of balances, not activity. And the rest of us are increasingly buying online.
The post Inside the Strategy Behind BofA’s Digital Life Planning App appeared first on The Financial Brand. Looking to cement its dominance in retail banking, Bank of America created Life Plan 1.0, a digital app tightly tied to in-person experience.
Consumers have changed how and where they bank — increasingly even their primary accounts. Here's what incumbents must do to respond. The post The End of the Traditional Banking Relationship, and What’s Replacing It appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
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