Western Banker - November/December 2016 - 24

March of the Millennials: Cultivating Relationships Within the Digital Generation By Michael Delucchi, CEO, Western Independent Bankers I t is, perhaps, too easy to imagine the future of banking as something hyperrealized: a cash-free world where the community bank exists only as a dusty reminder of a bygone era, replaced exclusively by virtual currencies and platforms. With millennials earning the top spot as the nation's largest living generation, traditional banking is sure to be reshaped by this tech-savvy faction in the same manner as their political values shaped the presidential primaries and as their views on consumption birthed a socio-economic system built around sharing and crowdfunding. However, in a recent study published by CCG Catalyst, a consulting firm focused on strategy, technology and innovation, the data reveals that while there are unique generational trends 24 www.wib.org Western Banker within this demographic, some needs of the consumer are timeless. According to the survey of 450 respondents ranging in age from 18 to 35, the future of banking continues to be dependent upon "core values, essence and features." Consequently, banks will have to reframe the role of the banker with a nuanced hand that welcomes next-level applications while leaning on its greatest strengths: service and security. "As banks transform their business strategy, they will need to recognize the behavior of this digitally engaged generation," writes CCG Catalyst president and chief executive, Paul Schaus. CCG Catalyst's findings challenge the notion that millennials are leery of brick and mortar branches or are notoriously unbanked. In fact, the numbers are notably optimistic: 90 percent of respondents are account holders at traditional institutions, 68 percent manage their bank activity online, 47 percent use a checkbook, and 39 percent had physically engaged with their bank within the past week. Millennials deposit checks, make withdrawals, utilize bill pay services, use online banking and turn to their smartphones for mobile access with a frequency that is hardly surprising. Where banks have failed to demonstrate ascendancy is in the world of apps. According to CCG Catalyst's data, PayPal holds the lion's share of the market with 91 percent of respondents citing this salient brand as their preferred mobile app. As the numbers suggest, banks would http://www.wib.org

Table of Contents for the Digital Edition of Western Banker - November/December 2016

A Message from the President & CEO
Back to the Future to Manage Portfolio Performance
The WIB App Store
Managing Your Bank’s Reputation by Taking an “Inside-Out” Approach to Communicating News
Interest Rate Risk and ALM: Most Institutions Are Doing it Wrong
Everything Old is New Again — Updating FCRA Compliance in a CFPB World
Professional Development
Secrets to Employee Engagement for Bank Managers
March of the Millennials: Cultivating Relationships Within the Digital Generation
Welcome New Members
Index of Advertisers
Western Banker - November/December 2016 - cover1
Western Banker - November/December 2016 - cover2
Western Banker - November/December 2016 - 3
Western Banker - November/December 2016 - 4
Western Banker - November/December 2016 - A Message from the President & CEO
Western Banker - November/December 2016 - Back to the Future to Manage Portfolio Performance
Western Banker - November/December 2016 - 7
Western Banker - November/December 2016 - 8
Western Banker - November/December 2016 - 9
Western Banker - November/December 2016 - The WIB App Store
Western Banker - November/December 2016 - 11
Western Banker - November/December 2016 - 12
Western Banker - November/December 2016 - Managing Your Bank’s Reputation by Taking an “Inside-Out” Approach to Communicating News
Western Banker - November/December 2016 - 14
Western Banker - November/December 2016 - Interest Rate Risk and ALM: Most Institutions Are Doing it Wrong
Western Banker - November/December 2016 - 16
Western Banker - November/December 2016 - 17
Western Banker - November/December 2016 - Everything Old is New Again — Updating FCRA Compliance in a CFPB World
Western Banker - November/December 2016 - 19
Western Banker - November/December 2016 - 20
Western Banker - November/December 2016 - Professional Development
Western Banker - November/December 2016 - Secrets to Employee Engagement for Bank Managers
Western Banker - November/December 2016 - 23
Western Banker - November/December 2016 - March of the Millennials: Cultivating Relationships Within the Digital Generation
Western Banker - November/December 2016 - 25
Western Banker - November/December 2016 - Index of Advertisers
Western Banker - November/December 2016 - cover3
Western Banker - November/December 2016 - cover4
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