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.