A friend of mine worked in mortgage banking in the late 1980s. After starting a career in media, he turned to banking for better pay, better hours and most of all, greater challenge and opportunity for advancement. Working in the heart of a large downtown created excitement, a “Mad Men” sort of vibe, complete with button-down collars, suits and ties. Don’t misunderstand, … [Read more...]
Millennials ARE worth the effort for community banks.
Marketing executive Kevin Tynan dropped a startling bombshell in the bank marketing world earlier this year. In an article on his website, Tynan pointed to a recent Harris survey that said that big banks are winning the hearts, minds and bank accounts of two-thirds of millennials. Community banks, he argued, aren’t so lucky. In his last sentence, he dropped the bomb: “I say … [Read more...]
Millennial’s Matter to Bank Marketing
A generation ago, bankers could count on young people –piggy banks in hand -- riding their parents’ coattails to the neighborhood branch. As the years passed a kid who opened a savings account at 10 opened a checking account or a student loan at the same bank before heading off to college at 18. In a few years, that meant a mortgage, a college fund for their children, or an … [Read more...]
T-Mobile Enters the Digital Wallet Market – Should Bank Marketers Worry?
The competitive landscape for banks and credit unions is rapidly changing as technology and customer demand are bringing new players into the market. There was a time when geography and branch location played a significant role in how consumers selected their bank, but digital options, tech savvy millennials, and a post-recession customer untrusting of the banking industry have … [Read more...]