Pub. 7 2018 Issue 1

January 2018 21 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s fraud protection is more than just an engaging idea—it’s a revenue generator. 2. Millennials Are Constant Bankers … Provide a Constant Experience There was a time when a trip to the bank involved planning, time and travel, but that’s no longer the case. With the advent of remote and digital banking technologies, customers carry a bank around in their purse or pocket at all times. A quick tap on the bank’s mobile app, and a host of transactions—which once required that trip to the branch—can be completed in an instant. This new reality has not only made financial transactions easier, but also made them continual. According to our study, 31% of millennials check their account balance daily. In fact, this is the No. 1 activity on mobile banking apps, followed by transferring funds: 51% of millennials say they prefer to check their account balance with their bank’s mobile app and 39% prefer to use it to transfer funds. Since millennial customers are using these services so frequently, it’s imperative that banks of every size have a top-notch mobile interface. 3. Reward, Reward, Reward Millennials already use online banking services in great numbers. We know they want these tools but is it possible to further move the needle and increase usage? Definitely. One factor can drive the most usage with millennials: rewards! According to our study, rewards programs are the No. 1 way to increase millennials’ online banking usage—ahead of increased security. The results showed that 46% of millennials say they would absolutely use their bank’s online services more often if the institution had a rewards program for usage. Programs that increase customer savings, like prize-linked accounts or gamification to help customers meet their financial goals, are already gaining traction. Strategies like these foster a connection with millennial customers and engage them beyond the traditional bank-to-customer relationship. Looking ahead, millennials will continue to dominate the conversation surrounding customer acquisition and retention. By implementing these three strategic initiatives, your institution can forge a clear path forward. For even more insight on the banking habits of millennials and other generations, download CSI’s full report, Banking Trends through a Millennial Lens. Kedran Whitten is chief marketing officer for CSI. She has more than 20 years of marketing leadership experience, and her background includes driving revenue growth, customer satisfaction, brand awareness, product pricing and competitive positioning. New this year This seminar has been moved to March from October. The Account Documentation seminar will still be held in October. March 13 Garden City March 14 Salina March 15 Lawrence This program will provide the fundamental knowledge and training necessary for professionals working in bank deposit compliance. Focusing on comprehensive instruction in core federal banking laws and regulations, these seminars are de- signed to furnish a basic, technical foundation for an individual to develop and maintain an effective deposit compliance program and support business initiatives. Educational Resources 785-232-3444 ksbankers.com Presented by Neal Barclay KBA Compliance Specialist/Auditor Adeel Syed KBA Staff Attorney