I bet, after reading the title of this blog, you are (or were) humming a pretty big hit song from 1985. Oh yes the 80’s, what a decade it was. From Rubik’s cube to Polaroid camera’s, and of course, the Cabbage Patch doll phenomenon. Many of us living in that decade made at least one mix tape and were probably frightened to sit near their television after watching Poltergeist in the movie theater. Things were simpler back then, or so it seems as I wax nostalgically about it now. One thing that wasn’t a part of the 80’s was millennials, and you know what, that was just fine by me.
Now, don’t misunderstand, the millennial generation is important and will shape the world we live in for many years to come. Actually, come to think about it, Whitney Houston said, “children are our future, teach them well and let them lead the way” in… 1985! However, does everything need to be geared to that generation nowadays? Unicorn Frappuccino’s, smartphones, Snapchat, selfies… I could go on, but let’s just stop there. One more culprit of the increased focus on millennials… the financial services industry, namely banks and credit unions.
There continues to be a lot of attention paid to millennials by the banking industry despite the large and unique financial opportunities available from prior generations. One of the biggest misconceptions about non-millennials is that they do not utilize technology that is readily available today. In the article, Banks and Credit Unions Must Think Beyond Millennials written by The Financial Brand stated that consumers in the 50-plus age segment are active users of digital devices, with over 99% owning a tablet, laptop, and or/desktop device. With only one in four being highly confident they can meet their financial needs in the next five years, the most obvious place to start is to provide digital tools to help this segment make better financial choices and take charge of their financial health.
One of the biggest headaches many consumers in various generations find in the financial services industry is not being able to use a single channel for their banking needs. Further stated in the article Banks and Credit Unions Must Think Beyond Millennials, many consumers leverage multiple channels when they research and consume services. They may start the journey with a mobile device and then decide to complete the process online. However, if you look at the account opening experience today, very few allow end-to-end completion through a single (digital) channel.
Banks and credit unions need to carefully study the consumer’s needs around life events (regardless of generation) and structure an integrated solution that can service the account holder through a single interaction point.
Now, do you know that this is one of Temenos’ competitive advantages? Temenos provides origination solutions that can give the customer or member a fully integrated end-to-to-end application process. Both the Loan and Account Origination modules provide all of the needed software and tools for the financial institution to create an application that can be initiated and completed on any device; whether it is a smart phone, tablet, laptop or any other device that can access the internet! The origination solutions from Temenos can ensure that no matter what generation of financial services customer applies for a new product, the process can be quick and easy (and completed all in the same device).
One more thing worth noting when it comes to the origination solutions that Temenos offers is the configurability that is available to the financial institution when the bank or credit union creates the various applications for their product mix. The financial institution can create many different workflows to best match the needs of their customers or members. This is extremely important in today’s environment when there are vastly different generations with vastly different needs looking for bank and credit union products and services. Financial institutions must be able to creatively configure an appropriate product mix from origination to disbursement that is appealing for everyone that walks into those doors. The most successful banks and credit unions going forward will follow this model and have the software to meet the demands of every customer and member that they come in contact with.
So, don’t you (forget about Gen X, Baby boomers, etc.)… and, cue up that final scene in The Breakfast Club.