800-809-2307
Four Letters. Infinite Potential.

Optimize Your Contracts and Meet Millennial Demands

A One-Two Punch

By Kelly Flynn, National Director

Are your card processing contracts coming up for renewal in the next 18-24 months? Then it’s time to consider bringing in an expert negotiator to score you lower fees, secure  improved terms and acquire new services that can help you better serve the single largest market out there today: Millennials.

The Power of the Millennials

We hear a lot about the power of Millennials, and for good reason — born approximately between 1982 and 2002, they’re the largest generation in American history and in our workforce. Millennials represent your financial institution’s largest potential customer base … are you keeping up with their desire and demand to bank, purchase and receive alerts via mobile devices — also known as the “digital wallet”?

Millennials’ affinity for and reliance on technology make for some astounding realities for banks and credit unions:

·  One in three Millennials is open to switching to another bank within the next 90 days

·  Millennials are three times more likely to open a new account using their phones versus in person

·  23% of Millennials cite lack of a mobile app as the main barrier for financial institution engagement

·  94% of Millennial consumers actively use online banking — many via their smartphones and often never setting foot inside a branch

If your bank or credit union doesn’t currently offer digital wallet access, you’re simply not meeting the needs of a large and influential segment of the population.

Digital Wallet is Waiting for You

Selecting digital wallet services can seem daunting, but they are actually right under your nose, waiting for you.

When you negotiate card processing agreements, digital wallet services are often part of the sales pitch. But, many institutions, especially smaller banks and credit unions, don’t take advantage of these for a variety of reasons — not enough awareness of the importance of offering digital wallet, not enough in-house experience with the services, not enough funds available, etc.

That’s where JMFA comes in: we’ll help you secure a great deal on these valuable services at the same time we renegotiate your contracts for debit and credit card processing, card branding, core data processing and Internet banking.

Once you have digital wallet up and running, you’ll see the interest it garners from tech-savvy individuals and be relieved not to have been left behind as this new way of banking rapidly turns traditional banking on its head. As a bonus, you’ll likely see an increase in revenue from greater card usage when you open up digital payment platforms.

Everything to Gain

When you start thinking like a Millennial and serving them on their terms, you’re not only positioning yourself as a forward-thinking financial institution — you’re making it easier for others to engage with you and utilize your services. And that’s always a worthy objective that pays off in so many ways.


With your core customer base on the line, why not let us provide you with a free evaluation of your service contracts today? You may be pleasantly surprised at what we can do for you!

When you use the JMFA Contract Optimizer program, you have the satisfaction of knowing you have absolutely nothing to lose, and a whole lot to gain. That’s because our program is 100% contingency-based — if we don’t save you money, you don’t owe us anything! But even better, we have a 98% success rate in helping banks and credit unions achieve savings in contract expenses, so you can be confident this is well worth your time. 



 

2020 40 years Academy account holder account holder retention account holder strategies account holder strategies; growth strategies; account holders Advice Agreement Analytics announcement Assistance ATMs Attendees attracting talent Automation B2B Balance Bank Bank of Pacific Banking banking services banks batching Benefit best practices board governance board member board of directors bottom line branch equipment branch profitability branding Bryan Hanks budget business business culture business environment business practices business processes business strategies career advice Case Study CEO onboarding CFPB change Charles Shanley Cher Cheryl Lawson Choose Chris Karstens Classroom clients Cloud Cohron commitment Communication communications Competitive Complaint Compliance compliance examinations compliance risks compliant Consistency Consistent consulting Consumer Consumer FInancial Protection Bureau consumer protection Consumers Contingency Contract Contract Analysis Contract Negotiation contract negotiations Contract Optimizer Contract Renegotiations contract review contract staffing Contracts Convenience core processor contracts Cornerstone Credit Union League corporate culture corporate governance CPE credits credit card contracts credit cards Credit Union credit unions Crissandra Fry CSS culture customer service cyber security Damian Darin Byrd Data Deal debit card contracts Debt Decisions Dick Miller digital directors Disclosed Discussion Dynamic economy Education efficiency studies election Emergency employee employee retention employees EMV migration evaluation Evolve executive search Expectations Expense expense management expense reduction expense studies expenses Experience Expert Experts Facilitators FastTrack Federal Reserve Board Feedback fees Financial Financial Institution financial services financial stability FinTech Floyd's Forum Free Analysis full disclosure Fully Generating Income generating leads generation governance government Halloween Hammond hiring HKW Holiday Holidays HR HR Consulting HR policies Hubur human capital human resources Implementation improved efficiencies improved results Inc. income income enhancement Innovate Innovative interview strategies interview tips IT contracts Jai James Jan Southern Jennifer Peoples Jim Griffis JMFA JMFA Academy JMFA clients JMFA News JMFA Next Generation Overdraft Privilege job search John M. Floyd John M. Floyd & Associates Keith Hughey Kelly Flynn Kennedy Kim Kreps Lawyer leaders leadership Learn Learning lending program Lesson Limits Linda Meyer Literacy