Embracing the Millennial Revolution · 2017-10-27 · 6 Why do Millennials Matter to Banks? •...
Transcript of Embracing the Millennial Revolution · 2017-10-27 · 6 Why do Millennials Matter to Banks? •...
Embracing the Millennial Revolution
Chris Soule
September 27, 2017
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Who are the Millennials?
• Individuals born between 1981 and 1997
• Ages 18-35
• Also known as Generation Y (or Gen Y)
• The nation’s largest living generation
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Projected Population by Generation
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Key Characteristics of Millennials
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Millennials’ Mobile Banking Habits
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Frequency of Branch Visits Among Millennials
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Why do Millennials Matter to Banks?
• 10,000 Baby Boomers are retiring every day
• Millennials currently make up 39% of the US workforce and by 2020 that will grow to 50% (Source: Nielsen, “Millennials:
Breaking the Myths” January 2014.)
• Millennials wield more than $2.45 trillion in combined global spending power in 2015, according to research by Youbrand
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The Millennial Challenge Facing Banks
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Culture
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Reputation
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Technology
• Banking industry is perceived as old fashioned and antiquated
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How Banks Can Overcome these Challenges
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Create the Right Culture
• Live Oak Bank Case Study
o Topped American Banker’s annual list of the Best Banks to Work For four years in a row
o Continuing education program and tuition assistance o Flexible schedules o Strong community outreach program
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Gain Back Trust
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Embrace Technology
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Leverage Technology to Empower Employees
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Improve the Customer Experience
1. Online Applications
2. Automated Decisioning
3. Data Driven KYC / Questionnaires
4. Automated Onboarding
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Technology Enables Real ROI
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Key Takeaways
Thank You! www.ncino.com | September 27, 2017
Chris Soule Director of Business Development, nCino