Pub. 8 2018 Issue 1

6 www.azbankers.org Alisa Lacey » 602.212.8628 alisa.lacey@stinson.com Bob Monroe » 816.691.3351 bob.monroe@stinson.com Ernie Panasci » 303.376.8402 ernie.panasci@stinson.com Deborah Bayles » 303.376.8401 deborah.bayles@stinson.com LEGAL PARTNERS YOU CAN TRUST. Our advantage is simple —we understand the business. Stinson Leonard Street’s banking attorneys have broad experience in matters related to financial services, including commercial lending, mergers and acquisitions, regulations and compliance, litigation, bankruptcies and payment systems. Bank on our reputation and knowledge. Our Phoenix Office: 1850 North Central Ave., Suite 2100, Phoenix, AZ 85004 STINSON LEONARD STREET LLP \\ STINSON.COM \\ LAW OFFICES IN 13 U.S. LOCATIONS The choice of a lawyer is important and should not be based solely on advertisements. make sure to have programs that don’t charge them. If a fee is unavoidable, be upfront about it. • Rethink credit so it better aligns with needs and values of mil- lennials. Share social causes with them. • Provide options for financial planning. Millennials need and appreciate it. In particular, they like being able to track spend- ing by using their mobile banking apps. • About 68 percent think that in five years, people will access money differently than they do now. In other words, your com- petition isn’t just other banks; it is any organization that can handle the monetary needs of millennials. How do you counter that? Offer millennials more than the competition does. • Do what you can to reward loyalty and make millennials feel understood. Participate in forums where people talk about money, and be empathetic while teaching about money man - agement. • Approximately 53 percent don’t think they get anything unique from their bank. You can persuade them otherwise. Communicate your understanding of their needs by listening and then respond - ing with personalized messages. Give them choices, too. They want to be able to choose how they bank, they need to choose their banker, and they also want to choose the banking platform. • This is a generation that loves funny online videos. If you give them educational content, put together some funny videos that just happen to be educational and webinars about topics such as building credit. • They love pictures. Use images everywhere. • What if your marketing budget is too small to sustain a big marketing push? Talk to other leaders at local community banks and credit unions within your geographical area. If you were to combine your efforts, everyone would benefit but the cost would be much less than if you did all the marketing on your own. Other industries, such as restaurant owners and car dealerships, have combined their marketing dollars and have had great success with the strategy. If you are concerned about adding new benefits for your millennial customers, look at third-party providers as one possible solution. They can often give you the technologies and products you need. These solutions are often inexpensive and easy to implement. How can you be sure your customer service is what it ought to be? Use mystery shopping and training services. Community banks are well-positioned to compete for millennials on the basis of offering rewards, not charging fees, and providing convenience electronically and physically. w