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Generational relativity & payments preferences

first_imgWhen it comes to innovation and implementing change, credit unions have many things to consider, including cost to implement, deployment strategy, security and compliance, and employee and member onboarding—among other things.For many organizations, generational preferences are the driving force behind improvements and innovation, propelling credit unions and their partners to remain focused on staying one step ahead of technology and consumer trends.One thing that the data does agree on is that all consumers, regardless of age, are starting to migrate from traditional payment methods, opting for digital payments. For financial institutions competing with fintech disrupters, inertia is not an option—they must innovate to meet the payment preferences across the generational divide. In this article, we’ll take a look at recent industry trends and evaluate the payment preferences of the different generations to help your credit union develop the best strategy for improving every member’s experience. Baby Boomers (1944-1964)Born in droves in the years after World War II, baby boomers are currently in their mid-fifties to mid-seventies. Although it is a common industry misconception that the younger generations are forcing financial institutions and payment acceptance providers to innovate, provide cashless only options, and remove all friction from the buying process, baby boomers are actually just as put-off by inconvenience when it comes to making payments as their millennial and Gen X counterparts. Debit has evolved from being a youth-focused payment method to being the payment option of choice for 171 million U.S. consumers,1 becoming the number one most-used payment method across nearly all age segments. In fact, 77% of baby boomers use debit and credit cards.2 For credit unions, options are key when it comes to debit card payments. Giving all of your account holders, regardless of generational affiliation, options that include different reward programs, fee structures, and cashback options could be the difference between deeper wallet share—or a one-and-done borrower.Gen X (1965-1980)Born between 1965 and 1979, Gen Xers lived through the end of the Cold War and Watergate. Gen Xers have the highest total debt of all age groups, and only 42% of them pay off their credit card balances each month.3Overall household credit card debt has steadily risen over the last five years, sitting at $1.3 trillion more (in nominal terms) than the previous peak in 3Q 2008.4 So, while credit cards cannot be used on loan payments, in most cases, credit cards are very much a part of the daily purchasing habits of many U.S. consumers.Millennials (1980-1995)Everyone knows that millennials are digital natives, but simply having an online banking site doesn’t mean you’re providing all the convenience millennials seek. You have to optimize your website and online banking portal for how millennials use them.Although millennials are thought of as one group, there are actually two distinct subgroups that make up this demographic:Older Millennials (1980-1988)Younger Millennials (1989-1995) Having grown up with the internet, both older and younger millennial consumers expect easy access to information—when they want it, where they want it, and in whatever channel they choose. They hold a high comfort level when using mobile devices as part of a multichannel experience and are using mobile to connect the online and offline worlds. Although the emerging omni-channel consumer is typically a younger person, there is a growing amount of overlap for this preference, even among baby boomers and members of Gen X. There are pockets of older consumers—primarily technology-savvy segments—that share the enthusiasm for mobile payments but also have strong cross-channel behaviors. In other words, just because mobile is a preferred method of payment for millennial consumers, convenience is still at the top of everyone’s list, and it’s important not to lose sight of other payment channels like online, IVR (Interactive Voice Response), cash (ex: MoneyGram), and customer service representative (CSR)-assisted.With more options than ever, today’s consumers want their payments experience to be fast, easy, and secure, with the latest and greatest technology. Providing a frictionless and diverse payment experience that is effective across the generational divide can help credit unions thrive in a competitive financial services landscape. The path forward will require a thorough understanding of your customer base, generational preferences, and trending payment technology.To learn more about how payment preferences differ across generations, download our ebook, Equal and Opposite Reactions: Payment Preferences Across the Generational Divide. Sources:1 Simmons National Consumer Study, Fall, 2017.2 https://www.pscu.com/eye-on-payments3 https://www.business.com/articles/kristen-gramigna-customer-payments/4 https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2019q3.pdf 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ali Masoudi A pragmatic, Ivy League educated and a recipient of Feigenbaum Medal presented by American Society for Quality (ASQ), Ali is an experienced product manager with 10+ years proven track record … Web: https://www.swbc.com Detailslast_img read more

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Nation’s Streets Calmest in Days, Protests Largely Peaceful

first_imgWASHINGTON (AP) — Protests were largely peaceful and the nation’s streets were calmer than they have been in days since the killing of George Floyd set off sometimes violent demonstrations against police brutality and injustice against African Americans.An earlier curfew and efforts by protesters to contain the violence prevented more widespread damage to businesses in New York City overnight. As of Wednesday morning, arrests grew to more than 9,000 nationwide since the unrest began in response to Floyd’s death May 25 in Minneapolis.There was a marked quiet compared with the unrest of the past few nights, which included fires and shootings in some cities. Many cities intensified their curfews, with authorities in Washington also ordering people off streets before sundown.A block away from the White House, thousands of demonstrators massed following a crackdown a day earlier when officers on foot and horseback aggressively drove peaceful protesters away from Lafayette Park, clearing the way for President Donald Trump to do a photo op at nearby St. John’s Church. Tuesday’s protesters faced law enforcement personnel who stood behind a black chain-link fence put up overnight to block access to the park.“Last night pushed me way over the edge,” said Jessica DeMaio, 40, of Washington, who attended a Floyd protest Tuesday for the first time. “Being here is better than being at home feeling helpless.”Pastors at the church prayed with demonstrators and handed out water bottles. The crowd remained in place after the city’s 7 p.m. curfew passed, defying warnings that the response from law enforcement could be even more forceful. But the people were peaceful, even polite. At one point, the crowd booed when a protester climbed a light post and took down a street sign. A chant went up: “Peaceful protest!”Pope Francis called for national reconciliation and peace, saying he has ’’witnessed with great concern the disturbing social unrest” in the United States in recent days.“My friends, we cannot tolerate or turn a blind eye to racism and exclusion in any form and yet claim to defend the sacredness of every human life,” the pope said during his weekly Wednesday audience, held in the presence of bishops due to coronavirus restrictions on gatherings.Trump, meanwhile, amplified his hard-line calls from Monday, when he threatened to send in the military to restore order if governors didn’t do it.“NYC, CALL UP THE NATIONAL GUARD,” he tweeted. “The lowlifes and losers are ripping you apart. Act fast!”Thousands of people remained in the streets of New York City Tuesday night, undeterred by an 8 p.m. curfew, though most streets were clear by early Wednesday. Midtown Manhattan was pocked with battered storefronts after Monday’s protests.Protests also passed across the U.S., including in Los Angeles, Miami, St. Paul, Minnesota, Columbia, South Carolina and Houston, where the police chief talked to peaceful demonstrators, vowing reforms.“God as my witness, change is coming,” Art Acevedo said. “And we’re going to do it the right way.”More than 20,000 National Guard members have been called up in 29 states to deal with the violence. Not in New York City, where Mayor Bill de Blasio has said he does not want the Guard, despite an offer from Gov. Andrew Cuomo.On Tuesday, Cuomo called what happened in the city Monday night “a disgrace.”“The NYPD and the mayor did not do their job,” Cuomo said at a briefing in Albany.He said his fellow Democrat underestimated the problem, and the nation’s largest police force was not deployed in sufficient numbers, though the city had said it doubled the usual police presence.Tuesday marked the eighth straight night of protests that began after a white Minneapolis police officer pressed his knee against Floyd’s neck while the handcuffed black man called out that he couldn’t breathe. The officer, Derek Chauvin, has been fired and charged with murder.The mother of George Floyd’s 6-year-old daughter, Gianna, said she wants the world to know that her little girl lost a good father.“I want everybody to know that this is what those officers took,” Roxie Washington said during a Minneapolis news conference, her daughter at her side. “I want justice for him because he was good. No matter what anybody thinks, he was good.”Some protesters framed the burgeoning movement as a necessity after seemingly incessant killings by police.“It feels like it’s just been an endless cascade of hashtags of black people dying, and it feels like nothing’s really being done by our political leaders to actually enact real change,” said Christine Ohenzuwa, 19, who attended a peaceful protest at the Minnesota state Capitol in St. Paul. “There’s always going to be a breaking point. I think right now, we’re seeing the breaking point around the country.”“I live in this state. It’s really painful to see what’s going on, but it’s also really important to understand that it’s connected to a system of racial violence,” she said.Meanwhile, governors and mayors, Republicans and Democrats alike, rejected Trump’s threat to send in the military, with some saying troops would be unnecessary and others questioning whether the government has such authority and warning that such a step would be dangerous.Such use of the military would mark a stunning federal intervention rarely seen in modern American history.A senior White House official, speaking on condition of anonymity, said the president is not rushing to deploy the military and that his goal was to pressure governors to deploy more National Guard members.Nine states and the District of Columbia held presidential primaries on Tuesday, testing the nation’s ability to run elections while balancing a pandemic and sweeping social unrest. Joe Biden won hundreds more delegates, nearly enough to formally secure the Democratic presidential nomination.Also Tuesday, Minnesota opened an investigation into whether the Minneapolis Police Department has a pattern of discrimination against minorities.last_img read more

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