Banks and credit unions that get past negative stereotypes will find opportunities to help young adults as they build business.
While banks often struggle to lend to microbusinesses profitably, leveraging their branch sales force effectively can improve the odds.
Financial institutions can improve the customer experience by making themselves easier to do business with, being guided by the Voice of the Customer and by systematizing data collection and usage.
Analyzing credit card customers using enhanced credit data can help improve the efficiency of marketing outreach to those customers.
Despite the stereotypes of Millennials going all-digital for their banking needs, jumping to conclusions about generational change can lead bankers astray, according to BAI Research.
Bankers can improve their capabilities in profitability measurement if they learn to utilize funds transfer pricing analysis to its full potential.
When it comes to banking relationships and attitudes towards money, Millennials resemble previous generations more than you might think.
Financial institutions that wish to attract millennials for wealth management services need to start with their own millennial employees, utilize robo-advisors, prioritize mobile and offer video collaboration.