A New Age
A New Age:The Impact of Banking Trends on theMillennial GenerationNACCUBen FrommApril 3, 2017
Generational Theory 101Based on Generations (1991) and The Fourth Turning (1997)by William Strauss and Neil Howe – The history of America is retold as a cycle of four types A generation is an aggregate of people born every 20 years–Baby Boomers, Gen X, Millennials, Post-Millennials Each generation experiences four generational events–High, Awakening, Unraveling and Crisis Each generation has a recurring symbol–Prophet, Nomad, Hero, Artist 2017 BankMobile a Division of Customers Bank. All Rights Reserved.2
Generational TheoryGeneration Birth YearsType, Turning, Defining EventG.I.1901 – 1924Hero, Unraveling: WWISilent1925 – 1942Artist , Crisis: Great Depression,WW2Boomer1943 – 1960Prophet, High: Super PowerAmericaGen X1961 – 1980Nomad , Awakening: ConsciousnessRevolutionMillennials 1980 – 2000Gen ZHero, Unraveling: Culture Wars2000 – Present Artist, Crisis: Terrorism, Recession 2017 BankMobile a Division of Customers Bank. All Rights Reserved.3
What’s a Millennial Born between 1980-2000 Largest generation ever: 90 million in the U.S., 2.5billion worldwide Most ethnically and racially diverse generation Represent 25% of the workforce worldwide The ‘Net’ generation: Continuous partial-attention Digital Natives: Texting, Multi-taking, SocialNetworking 2017 BankMobile a Division of Customers Bank. All Rights Reserved.4
MILLENNIALS
Millennials aka Gen Y – What you’re probably thinking EntitledNarcissisticConsumerism OpinionatedImpatientTrophies for existing 2017 BankMobile a Division of Customers Bank. All Rights Reserved.6
Millennials aka Gen Y – What they’d like you to know Ethnically diverseDigital nativesConnected, socialGlobal citizensConsciousPragmatic ally curious 2017 BankMobile a Division of Customers Bank. All Rights Reserved.7
Five Milestones of Adulthood 2017 BankMobile a Division of Customers Bank. All Rights Reserved.8
A Changing Workforce By 2025, Millennials will be 75% of theworkforce There will be more MBAs than students withno degree 30% (ages 25-34) will live with family 36% will have a tattoo 2017 BankMobile a Division of Customers Bank. All Rights Reserved.9
STUDENTS & FINANCES
Students are diverse47%59%28%live off campushave childrenare over theage of 22 40%62%attend a 2 yearschoolworkAverage student loan burden is 29K 2017 BankMobile a Division of Customers Bank. All Rights Reserved.211
Students are financially stressedStudents feel less prepared to handle their finances than their academics1 say constant access to their finances on mobiledevices decreases their daily stress level241% Americans spend 24 billion a year on bankingoverdraft fees—more than they do on vegetables3 24B of Americans don’t have 400in emergency funds on hand446%Finances are the #1 reason why students drop out of school5 2017 BankMobile a Division of Customers Bank. All Rights Reserved.12
Student banking options are narrowingOf young Americans 13% are unbanked & 26% are underbanked160% of the top 20 banks do notoffer a student checking account2Big banks drop or restrict student checking accounts42% of Millennialshave used paydayloans, pawnshops,rent-to-own products3Students use high-fee, high-risk financial products 2017 BankMobile a Division of Customers Bank. All Rights Reserved.13
Prepaid cards promote spending Prepaid debit card, to a student GIFT CARDFirst Data – one of the largestprepaid card providersConsumer Insight Study: cardsincrease foot traffic & overallspendingPrepaid card providers makerevenue on interchange, and thusencourage swipes to emptyLack of tools and encouragement tobudget, save, or investPrepaid cards are contrary to a college’s message of borrowing only what you need,learning to manage financial aid, and saving for emergencies 2017 BankMobile a Division of Customers Bank. All Rights Reserved.14
BANKING
Millennials & Banking The 4 largest banks are among their leastloved brands 33% want to switch banks in the next 90 days 40% would consider a branchless bank Millennials are receiving the largest transferof wealth in history 2017 BankMobile a Division of Customers Bank. All Rights Reserved.16
Consumer Behavior US customers interact with their banks morethrough mobile devices than any othermeans On average, customers visit bank branches 12 times per year vs. interacting with theirbank 20-30 times per month on their mobiledevice- Bain & Company 2017 BankMobile a Division of Customers Bank. All Rights Reserved.17
Where did home economics go?“ research shows most millennials ‘don't have basic knowledge’about handling money and consequently dig themselves into ahole shortly after finishing college.”- George Washington University's Global Financial Literacy Excellence Center 33% of Americans are living paycheck to paycheck20% of Americans are saving nothing50% of Americans are saving 5%Millennials are not saving - negative 2%–47% don’t have enough for a 400 emergencyThere is a lack of financial education in the life of today’s youth 2017 BankMobile a Division of Customers Bank. All Rights Reserved.18
Financial desires of Millennials Digital solutions ––Mobile app–Remote deposit capture–Online bill pay Abundant ATM accessTransparency–Low/no fees–Simple & easy to read fee schedule Financial tools–Savings account–Budgeting tools 2017 BankMobile a Division of Customers Bank. All Rights Reserved.19
“There are 70 millionunder bankedconsumers inAmerica. It’s abouttime somebody builta bank formillennialand middle-incomeAmericans.”- Jay Sidhu,Chairman & CEO,BankMobileCustomers Bank 2017 BankMobile a Division of Customers Bank. All Rights Reserved.20
BankMobile MissionMake banking more accessible andaffordable to all.Strategy: Eliminate branches Leverage mobile technology to lower cost Go above and beyond ED regulations forbetter banking“We want to keep students as customers for lifeby valuing their business while they’re in college.” 2016 BankMobile a Division of Customers Bank. All Rights Reserved.21
What To Do? Reduce the stress that millennials feel – studentsare more worried about getting classes andbeing a part of a group than paying late fees Provide a more Uber-like experience When in doubt, do the opposite of what bigbanks do:oBuildingsoSecurity GuardsoFeesoPenalize inexperience 2016 BankMobile a Division of Customers Bank. All Rights Reserved.22
What To Do? Reward responsible financial behavior Create apps that offer insight into money Earn their trust while they are students byeliminating fees Create customers for life with a membershipphilosophy to change the way millennialsview banks 2017 BankMobile a Division of Customers Bank. All Rights Reserved.23
Find an account with a future Banking relationships lead to money managementChecking accounts lead to savings accountsSavings accounts lead to investmentsGood money management habits lead to good creditGood credit leads to lower interest rate loans – car, home, etc. (overpay)Don’t just swipe all of your money awayStart now and what better place than on a college campus 2017 BankMobile a Division of Customers Bank. All Rights Reserved.24
THANK YOU!Ben FrommVice President, Relationship Managementbfromm@bankmobile.com203.776.7776 x 4131
Referenced Websites ampus.orgwww.firstdata.com/en sroom.bankofamerica.com/files/press kit/additional/2016 BAC Trends in Consumer Mobility g-ushouseholds-201605.pdf 2017 BankMobile a Division of Customers Bank. All Rights Reserved.26
Prepaid cards promote spending Prepaid debit card, to a student GIFT CARD First Data –one of the largest prepaid card providers Consumer Insight Study: cards increase foot traffic & overall spending Prepaid card providers make revenue on interchange, and thus encou
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standard deviation of 3. Percentile ranks for scaled scores are also provided. Subtests take into account an individual's age and data is reported for the following age bands: 16-24 years of age; 25-34 years of age; 35-44 years of age; 45-54 years of age; 55-64 years of age; 65-74 years of age; 75-89 years of age.
retirement age before your Rule of 80 age. If your normal retirement age is 55, and you begin employment at age 30 or older, you will reach normal retirement age before your Rule of 80 age. If your Rule of 80 age is greater than your normal retirement age, you are still eligible to start receiving your monthly be
akuntansi musyarakah (sak no 106) Ayat tentang Musyarakah (Q.S. 39; 29) لًََّز ãَ åِاَ óِ îَخظَْ ó Þَْ ë Þٍجُزَِ ß ا äًَّ àَط لًَّجُرَ íَ åَ îظُِ Ûاَش
Collectively make tawbah to Allāh S so that you may acquire falāḥ [of this world and the Hereafter]. (24:31) The one who repents also becomes the beloved of Allāh S, Âَْ Èِﺑاﻮَّﺘﻟاَّﺐُّ ßُِ çﻪَّٰﻠﻟانَّاِ Verily, Allāh S loves those who are most repenting. (2:22
Age of Empires Expansion is in this manual. Installing Age of Empires Gold installs both Age of Empires 1.0B and Age of Empires Expansion 1.0 on your computer. To install (or uninstall) Age of Empires Gold Insert the Age of Empires Gold CD into the CD
Retirement age 8 The retirement age in the EU is currently around 65, with some exceptions. The retirement age will grow in the next 10 years to reach 68 and above by 2030. 5/27/2019 ASMA - ICAO meeting Current general retirement age (2019) Future retirement age EU Men/ Women Retirement age or men/women Austria (AT) 65 / 60 years 65 years (2033)
8. Date of birth Patient's date of birth. Use 4 -digit year (i.e., mm/dd/yyyy) 9a. Age Patient's age at the time of collection of the first positive invasive culture. If patient's age is 30 days, indicate age in days. If patient's age is 30 days to 11 months, indicate age in months. If patient is 12 months or older, indicate age in years.
