Can community-based banks pass the millennial graduate test?

Across all industries, the hot question is this: How do businesses attract and retain millennials—the largest generation in American history by a landslide?

Nowhere does this question resonate so much as in financial services.

What Motivates Millennials to Switch Banks

As the largest generation in American history, Millennials (ages 18-34) are a crucial market segment for financial institutions to attract, engage and retain. So just how committed are Millennials to their financial institution … or are they? And what would motivate them to switch?

Keys to Earning Millennial Loyalty: Infographic

Rewards, convenience, and community are what Millennials look for in a local financial institution. Take a look at data from a recent study commissioned by Kasasa. 

Bank Transfer Day to Return, but Will Lightning Strike Twice for CUs?

Kasasa's research reveals that two out of three consumers trust smaller institutions and think they have high ethics and great personal service. But 71% of consumers say products are more important than the institutions themselves. Thus, people are voting for better products, and despite poor service, consumers believe the best products are at the largest banks.

PE firm takeover, rebranding gives Kasasa fresh outlook

This Austin fintech software maker is blowing past milestones. Their story is a lesson in "dogged determination," as one executive put it.

A New Era of Customer Engagement

To turn consumers into brand advocates, community banks have to embrace the needs and expectations of consumers. They must also think of all the projects they are working on not as independent initiatives, but as integral pieces of an ecosystem—what we call a relationship platform.

Culture Doesn’t Equal Employee Perks

Once deeply embedded in the organization, culture becomes like a conscience that tells employees which way to go when the rules don’t suggest a clear path. By having a strong culture in place, your employees will know intuitively what the right response is without having to look it up in the employee manual.

Technology Aids New Credit Union Revenue Streams

In addition to providing revenue for credit unions, services such as identity protection and payday loan alternatives lead to better member value and greater loyalty.

5 Payments Trends Credit Unions Should Watch

Debit rewards programs took a hit after the Durbin Amendment capped interchange rates in 2011. But Keith Brannan, chief marketing officer at the Austin, Texas-based Kasasa, said it’s a great opportunity for credit unions, especially when it comes to attracting millennials.

Credit Unions Pile Into Debit Rewards

Debit rewards programs at big institutions may be few and far between, but industry experts said they’re rapidly becoming the new secret weapon for credit unions interested in snagging market share.

Build Relationships with Social Media

Kasasa is using social media to humanize the brand to followers and financial institutions, while also employing a strategy that puts the needs of customers over marketing goals.

Where Tech Firms 'Fail Fast,' Banks 'Consider Slowly'

In this video, recipients of the 2015 FinTech Forward awards discuss where banks fall short in competing with startups.

Rewards Level Playing Field

Two thirds of Americans prefer banking locally, according to the Austin, Texas-based BancVue. However, a perception still exists that credit unions and community banks fall behind mega-banks when it comes to delivering a top-tier product experience.

Noninterest Income Leaders Cite Trust

Credit unions looking to boost their noninterest income might consider the experiences of two credit unions whose executives credited being their members’ trusted financial institution for their strong bottom lines.

Breaking the Ball & Chain of Core Banking

At Finovate, two vendors discussed plans for a do-over of core banking, but neither was discussing core replacement, an expensive and time-consuming operation that can eat up all available resources and muzzle a bank’s innovation efforts.

Why It Might Be Time to Switch Banks

A new survey finds many consumers believe switching banks is difficult. But that may not be the case.

Why Small Firms Are Declaring War on Big Banks

Small financial firms are swapping their conservative tactics for bolder marketing that calls out mega banks for bailouts, high fees and being out of touch with Main Street.

Jewish World Review

According to the Kasasa survey, almost two-thirds of respondents believe community banks and credit unions have better personal service than the big national banks.

Kiplinger

Online survey of 1,002 adults found that big bank customers are more likely to harbor negative feelings than customers of community banks and credit unions. Here are six common reasons why customers dislike their banks.

Switch Banks Right Now

More than half of Americans are still angry at big banks over the 2008 financial crisis, and 3 out of 4 think big banks put the interests of their shareholders over their customers.

Is There Hope for Community Banks?

Cumulatively, there are nearly 13,000 community banks and credit unions in the U.S. Yet, they hold a small and shrinking piece of the market. The “Big Four” control about 40% of the market, and their share is growing.

HNGN

A recent study found that more than 1 in 3 people with checking accounts at a large national bank feels scammed by ever-increasing bank fees.

The Huffington Post

While high bank fees are certainly one reason for why people feel so ripped off, a lingering distrust of the financial markets also has something to do with it.

The Huffington Post

More than one in three people who have a checking account at a big national bank, like Bank of America or Chase, feels scammed by bank fees.

HNGN

A recent study found that more than 1 in 3 people with checking accounts at a large national bank feels scammed by ever-increasing bank fees.

NAFCU

Nearly one-third, or 31 percent, of respondents in the 2015 Consumer Banking Insights Study from Harris Poll list banks’ monthly service fees as their most-hated bank charge.

BankNews

If all things were equal, 2 out of 3 U.S. adults (66 percent) would rather bank at a community bank or credit union than one of the big national banks—yet only 23 percent of consumers* who are not currently banking at a community bank or credit union say they are at least somewhat likely to switch in 2015, according to a new study.

CU Today

The majority of consumers prefer to bank locally at a community FI, but not many are willing to switch due to concerns over limited products and services.