Believe in Banking Podcast
In episode two of our two-part Believe in Banking podcast series on growth, Sean and Gina discuss the evolving expectations in banking – from generational demands for advisory experiences to neighborhood variations – all impacting how the branch functions. Their conversation covers how generational life stage differences offer an opportunity for banks to step up and serve, especially as Millennials and Gen Z visit the physical bank branch more frequently and Gen X enters their prime earning years. They address the need for financial institutions to adapt to these changing conditions and reimagine their retail delivery. They also share best practices of financial institutions that have successfully updated and modernized their branches by starting with a strategy and establishing a new North Star experience, resulting in branches with the right bankers, the right design, in the right neighborhoods.
We believe that better banking creates stronger communities and a better world.
As the annual list of Best Banks to Work For 2023 ranking is released by American Banker, one consistent theme runs across financial institutions of all sizes. Banks that focus on building more engaging employee experiences do better in the short and long term to attract and retain talent AND deliver better customer experiences at the same time. “There are areas where organizations can bring together customer experience and employee experience to drive improved business outcomes,” according to a Financial Brand article about employee engagement. But how are successful institutions doing it?
One inspirational bank that landed the #3 spot on the list for institutions with more than $10B of assets is Origin Bank. This Louisiana-based financial services leader takes employee experience so seriously that they conduct quarterly confidential surveys of all staff members to ensure their culture is being reflected and integrated across the brand – from top to bottom. “What has always been at the center of who we are as an organization is our deep commitment to culture,” says Drake Mills, Origin’s chairman, president and CEO. “We have a passion to be there for our employees, customers and communities when they need us most.”
Click here to find out more about how banks are building better experiences for their employees.
Data You Can Use
At a time where consumers of all ages report feeling financial pressure, one often overlooked generational cohort has risen to the top as an exceptionally stressed demographic. Data from Pew Research Center finds that 54% of Gen X Americans in their forties are wedged between two other generations and providing financial funding for both. This “sandwich generation” supports both an elderly parent over the age of 65 and a dependent or adult child. And although the generation is in their prime earning years, money takes a mental health toll on 60% of them, according to BankRate. These realities have Gen X looking at all of their options.
Given the strain on Gen X finances and time, banks have a real opportunity to deepen relationships with current customers and create new connections by providing real time, relevant and responsive solutions to their needs. “Life stage understanding and awareness is key to supporting Gen X in their banking experience in 2024,” according to the Financial Brand. “Banks should consider catering to this group to ensure they have both the customer support they need as they balance multiple checkbooks and timelines, as well as access to solutions that can make banking easier.”
Sources: Financial Brand, “Trends 2024: Four Banking Growth Strategies for a Challenging Year,” January, 2024, Pew Research Center, “Americans in Their 40s Are Sandwiched,” April, 2022, and BankRate, “Americans Say Money Negatively Impacts Their Mental Health,” May, 2023
Listen in to the Believe in Banking podcast, our award-winning monthly series for decision-makers, influencers, and industry leaders. The podcast explores what’s on banking’s radar through compelling conversations and discussions between two of banking’s veteran consultants who have their fingers on the pulse of this dynamic industry.
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