Connecting with 112 million Generation Xs and Ys is critical to the growth and future of your financial institution. Jeffrey Giles of Sutherland Global Services discusses what this sizeable demographic wants and how to meet their needs.
Seven Ways Financial Institutions Can Maximize Profitability
In the past, financial institutions didn’t need to rethink the way they did business. But times have changed. Between today’s unpredictable global economy and new banking regulations recently enacted, it has never been more challenging to grow revenue, maintain profits and satisfy customers.
Today, banks and credit unions need strategic solutions to replace lost revenue, reduce costs and maximize profitability. First Data has created this white paper to help you explore new ways to effectively evolve your business in today’s world.
Our white paper addresses today’s big issues and critical areas, including:
- The Durbin Amendment: Can you maintain checking profitability, despite lost DDA revenue?
- Debit Strategy: How can you rethink your debit programs in order to increase the profitability of your offerings?
- New Technology: What do consumers expect when it comes to technology? How important is mobile banking?
- Fraud Prevention: Can centralizing fraud management help your institution reduce fraud?
To read the white paper, download it now.
Consumer Adoption and Usage of Banking Technology
Today’s consumers, especially those known as Millennials and Gen Y, are used to having technology integrated into most aspects of their work and personal lives. Banking is no exception. To respond to changing customer expectations, banks, credit unions and other financial institutions have incorporated online and mobile technology into consumers’ banking experiences. However, financial institutions still need to answer several questions pertaining to banking technology:
- How well are financial institutions meeting the needs of consumers when it comes to offering high-tech products and services?
- Whom do consumers view as the trusted provider of the mobile wallet?
- How does adoption of banking technology vary for different consumer groups?
This white paper answers these and other questions that are critical to the ongoing success of financial institutions in a rapidly evolving marketplace. The paper is based upon the findings of a recent online research study of 2,000 U.S. consumers conducted jointly by First Data and Market Strategies International. The “New Consumer and Financial Behavior” study assessed consumers’ attitudes, behaviors, desires and technology adoption. This white paper is the third in a series of four based on results of the study and focuses on consumers’ attitudes and behaviors related to technology in banking.
Topics include:
- Consumers’ attitudes about, and adoption of, banking-related technology.
- Usage of mobile banking.
- Perceptions of the mobile wallet by different consumer groups.
- Usage of online banking and bill payment.
- Steps that financial institutions can take to appeal to various types of consumers.