Winning the Customer

November 27, 2015
/   Spotlight

It’s exhausting just trying to keep pace, let alone stay ahead. Every provider in every business feels the pinch.

Five ways payments will be different in 2024

November 24, 2015
/   Voices

Predicting the future of cash and card payment volumes is arguably a fool’s errand – but Payments UK, Britain’s new trade organisation for the industry, is in a good place to have a go...

Contactless cards: Opt-in or opt-out?

/   Voices

Australia is toying with the idea of creating an opt-in function for contactless cards, in a move that highlights the problems around coping with new payment technology and how fraud risks are handled.

Five EMV lessons for the US

/   Voices

The EMV liability shift has occurred in the US, so what can we expect to see happen in the coming months and years as a result of this change?

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

There are a couple basic rules when it comes to dealing with customers: don’t get mad, be proactive, and treat everybody with respect. But what about customers who vastly differ in age? When a millennial business owner comes to your bank with their potential business, do you treat him differently than if he were a Baby Boomer? Maybe you should be.

Here are the major differences between Millennial business owners and Baby Boomer business owner, and what they’re looking for in a bank:

Millennial Business Owners
First of all, according to Pew Research, Millennials are defined as anyone between the ages of 18 to 34 in 2015. When you think about how Millennials are in the workplace, you can assume they’re very similar in nature when it comes to running their own businesses. They’re passion-driven, multi-tasking, flexibility-loving workers, and it shows in how they’re tackling entrepreneurship.

TechCrunch goes so far as to suggest that, because of these values, Millennials are destroying the traditional bank, and it’s the banks’ fault. Just as they want ease and flexibility from the workplace, they want it from their banks, too. They want everything online, they want things simplified, and they don’t want to have to go in and talk to an actual employee face-to-face to get anything accomplished.

Try and keep all of this in mind when you’re selling your service to young entrepreneurs. Let them know about your online options, highlight the ease in which they can perform transactions, and leave out anything about “traditional values.”

Baby Boomer Business Owners
Boomers are defined as anyone between the ages of 51 and 69. Boomers, on the other hand, have grown up with the traditional definition of a bank. According to Gallup, half of Boomers report over $100,000 in investable personal assets, compared with 37% Generation Xers and 14% Millennials. Boomers have been, and still are, very active in the banking scene. They’re borrowing, spending, and investing their money, so they’ve become accustomed to what a bank is and should be over the years.

As business owners, they want the same quality they’ve grown accustomed to as regular customers. They want to know about retirement planning, and they want great customer service. Though boomers tend not to mind coming into the bank as much as Millennials do, they, too, are starting to hop on the mobile banking train. In the same article as mentioned above, Gallup found that 71% of Boomers are using online banking services weekly.

So when you’re selling your bank to a Baby Boomer business owner, don’t forget to mention your mobile banking options. Every business owner is busy, no matter the age, so convenience is a good selling point for everybody. Additionally, let them know that customer service is important to you. And, lastly, remember that no Baby Boomer appreciates the nickel and dime routine. Every business owner can expect a loan application fee, or a fee to upkeep a checking account, but anything like a charging for processing, or too many withdrawals will earn you a complaint from a Boomer.

Deborah Sweeney is the CEO of MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.


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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp