Millennials are taking the workforce by storm, and their buying power is hard to rival. This generation has flipped just about every industry on its head, and financial institutions can’t hide from them any longer. Especially with the transfer of wealth happening right before our eyes. So, how do you engage with this mysterious group?

We're here to help define the stages of life’s financial journey, as well as the things that your FI should focus on to increase ROI while helping clients. Starting with steps for servicing millennials:
Specialize
First, start with defining your target market. Not defining a specific target market is a pitfall for all companies and industries. Too many say their product or service is for everyone...are you guilty? While your product or service may technically be something that anyone could use, you want to focus your efforts on the target market that will benefit the most from your products

The retail banking industry is a whole different game than it used to be - deposits are on the decline, transaction costs are increasing, and client expectations are always changing. Financial institutions are in need of a solution: one that provides customers with the personal touches they require for a positive experience without requiring a costly 1:1 interaction with a teller or associate just to complete a simple transaction.

You may be thinking, isn't this what ATMs are for? If so, good question. ATMs were the first shot at self-service machines, and while revolutionary, they are no longer smart enough to get the job done right. Capable of handling only the most basic of transactions, like pulling cash in $20 increments, these machines regularly let costly, simple transactions through to your line of tellers and associates - simply because they aren't as self-service as they claim to be. For example, an ATM can’t

More and more Financial Institutions are pivoting toward the Universal Associate model to evolve their branch experience and better connect with clients. In hundreds of branches across the country, this new approach to servicing clients has created a repeatable path to success by decreasing costs, increasing staff flexibility, and supercharging client engagement.

Despite the fact that many financial Institutions have already implemented universal associates as part of their branch transformation projects, we’ve learned that there are still plenty of you out there that have yet to make that transition. Your tellers are stuck at the line, your associates are glued to the chair in their office or cubicle, and your customers have to choose between one or the other depending on their needs. While in theory, this method makes sense, in reality it has some flaws. One of the most serious flaws being the lack of flexibility and the effect that it has on service.

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Making blind investments on cash recyclers and dispensers can be costly.
That’s because without real visibility and data—you're probably buying machines you don’t need, over ordering cash to supply them, even paying for problem machines that drain staff’s efficiency.

Think about it. Do you even know if a machine is on?

Before you make another purchase, join this interactive webinar to learn how to eliminate the guessing game and make data-driven decisions instead.

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About this Blog

To Integration and Beyond is a home for anyone who is not satisfied with the status quo of banking. CFM's mission (that we have chosen to accept) is to help you realize the full potential of your existing banking equipment and discover how you can make complete integration a reality. We unlock an unlimited range of possibilities for financial institutions and enable extraordinary branch transformations.