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A Different Way to Bank

July 24, 2008 The Community

As a baby boomer, the traditional branch location continues to have some value for use of a community room, safe deposit boxes and just looking your banker in the eye; but the X & Y generations see little to no value in using the traditional branch. Yeah, they may have to go once in a while to get a cashiers check, or sign loan papers, but it’s an exception instead of the rule.

On a recent core selection consulting engagement, I was working with a very traditional well-established community bank in a University town that was looking for ways to bring together the students with their bank and the community. The university offers a “debit card/credit card

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  • http://thebankwatch.com Colin Henderson

    Well said [from another old school guy].

    The key [imho] is to be where people are … BUT to be there when you are needed, and be in the background when you are not. Always available as required. Easier said than done, but online services have re-defined convenience, and Banks have to understand and adapt.

    One part of that is for Banks (and Credit Unions) to take a look at themselves as others see them online, and realise that their brand is no longer controlled by traditional PR, but by how they act online.

  • http://www.dandickinson.com Dan Dickinson

    A usable, robust online application is key, obviously, and not just for the university-aged generation. That includes the connections to you: put a name, phone number and picture of the person who’s responsible for their account, or even a picture of their branch, in their online banking home screen. Make it easy to contact that person if they really need to. Just don’t try to artificially create a "relationship" with them; fake authenticity = anathema.

    As far as convenience, ATM placement can be a really big win. You don’t need to drop them all over town, hoping to get their transactions (and hoping they don’t leave you; ATM convenience is important). You should be able to tell from your transaction data where your customers are using other banks’ ATMs; if they’re students, odds are it’s right outside a bar or right on a central path from the campus to the main housing area. Put ATMs there and get your customer’s eyeballs back on your brand, offers, etc. 2 or 3 well-placed ATMs can provide more value than 10 evenly scattered ones.

  • http://thegarlandgroup.net Henry Garland

    What I struggle with is how to get most of the old school bankers to think like their kids. Bridging the gap between "online network" and email is one one way to start. Some of them still have their admin pick up their emails and print it out(I’m old but not that old). There are some "up and coming" bankers that "GET IT" and I tell you, Credit Unions are WAY ahead in my eyes.

    I wonder why the Internet Banking players are not think like this?

    Dan, your ATM idea helps to bridge..I like it..How about a "social" ATM?

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