Consumers are becoming increasingly reliant on self-service. And their attitude toward financial services is no different. But, with more account holders turning to remote and digital solutions, how is a financial institution supposed to stay convenient and top-of-mind?
Millennials (1977-1995) and Generation Z (1996 to 2015) will represent nearly two-thirds of the world population by 2019. These two generations have hardly lived without computers and smartphones and have heralded the wide-spread use of tablets, smart phones, social media, and texting. They have also brought forth increasing consumer demand for security, personalization, and self-service.
MBA® Screen Upgrade program delivers custom messages to Michigan Legacy Credit Union cardholders at over 8,000 7-Eleven stores nationwide.
Millennials don’t trust advertising. On a scale of five, well over half (65%) rate advertising as two or lower for truth, according to a 2014 study from The McCarthy Group. Your sales people get a similar ranking and your website? Only slightly better – with an average ranking just under three (2.7).
While it is unlikely the ATM is the next Pay Phone, technology still has an important role to play in the future of automated teller machines. After all, this is the world of “me”.
ATM participation and marketing relationship delivers surcharge-free account access for ConnectOne Bank clients to nearly 8,000 7-Eleven®locations throughout the U.S.
Online resource offers unique, customizable graphics to help financial institutions promote surcharge-free access and convenience.
Millennials aren’t the only “digitally-savvy” generation anymore. In fact, smartphone penetration in the United States is expected to reach 230 million people in 2018. To put that in perspective, the US Census Bureau reports 325.7 million in population as of 2017.
Despite a growing perception surrounding declining reliance and use of cash, recent studies show a much different picture.
My local grocery store has installed a second set of self-service stations. And, while there are some minor complaints from older regulars, the majority of shoppers with lower item counts are gravitating toward them. It’s not just grocery stores, either. From large retailers to fast food chains, the march toward self-service has been happening for over half a century.
Don’t believe me? When was the last time you paid someone to pump your fuel?