Banks and credit unions that get past negative stereotypes will find opportunities to help young adults as they build business.
As the Millennial generation increases its economic clout, banks need to adapt strategies that enable them to profitably attract, serve and grow with these new customers.
In an omnichannel environment, banks need to move from strategies that 'pull' customers through points of interaction to those that actually anticipate and then meet customer needs.
Banks and credit unions can meet the needs of the underbanked and achieve significant community impact by offering short-term loans to this population.
To be successful at capturing varied customer groups, banks need detailed information about segment preferences and then must apply this data to product design and pricing.
By focusing on a subset of critical customer interactions, banks can boost revenues, improve efficiency and greatly improve the customer experience.
The use of customer information with digital technology can help financial institutions achieve true segment-of-one marketing.
2015 will be the year that banks finally merge the concepts of big data and improving the customer experience.