Generation Y – Meet us anywhere

Millennials are the most analyzed and most marketed to generation to date. Also known as Generation Y, we’re said to be extremely ambitious, tech-savvy, and socially minded and informed. We’ve got big dreams; we’re just waiting on everyone else to see them too.

Why does Gen Y matter?

We’re eight-sixmillion strong, which is 7% larger than the baby boomer-generation. We’re more than the slackers living at home with mom and dad, texting our feelings and refusing to grow up that society portrays. Evidence suggests we’re marching up the career ladder, marrying, starting families, and our social and economic influence is mounting.

If you still don’t think millennials are powerful consumers, riddle me this: our generation has an expected $2.45trillion annual spending power by 2015 and it will rise above that of the baby boomers by 2018. 

We’ll change the bank.

Generation Y is extremely different from their predecessors and the financial world needs to understand their needs. If they want millennials as customers, banks will need to use approaches that are much different than those of the past. As our economy power grows, its members will change how financial transactions are conducted. 

We’re in control.

 

 

Millennials consume brand and product information when they want to. They prefer to discover things using tools they’re comfortable. They would rather find their information on social media, use their smart phone, and read a blog than read a print ad or billboard.

Marketers no longer have control of the message. Control belongs to the consumers who review and share their collective opinions. 

We’re ready, are you?

Our values will shape consumer spending because were different than the rest. We believe in living for the now and often think “spend now, save later.” Many millennials are high earners that choose to spend it on cars, clothes, leisure and entertainment. 

Sixty-three percent of young Americans keep up with brands on social media. We’re already out here (virtually anywhere) so all you have to do is meet us there. 

Other Sources:

http://www.flickr.com/photos/scobleizer/2250735263/

http://www.flickr.com/photos/esthervargasc/9657863733/sizes/l/

Codi Mast

Want More Retweets?

The answer?

Are you sure you're ready?

Ok, here it is:

pic.twitter.com.

Tweets using photos uploaded and embedded via pic.twitter.com are 94% more likely to get retweeted! And keep in mind, photos not embedded through Twitter, like shared photos from Instagram or Facebook, are 40% less likely to be clicked!

Photos uploaded through Twitter show up directly in your stream and it only takes 1 click  to view the photo. Instagram or Facebook-shared photos open in a new window, and take longer to load. 

So keep this in mind the next time you send a tweet, and add an image!

Sources: News Archive, Michigan Municipal League, Cindi Matthews

Safety in Paper

Security Paper - Protecting You 

Every document has a security risk but the question is how much? Use this Security Risk Calculator to see what security paper features will help you authenticate and protect your documents.

Security papers are often used for things like:

• High value and business checks
•  Traveler’s checks
• Bonds and stock certificates
• Gift certificates
• Marriage, birth, and death certificates
• Prescription pads
• Motor vehicle titles
• College transcripts

Multiple levels of protection prevent fraud. The first and easiest way to fake a document is to put it in a scanner or copier and press start. But know that scanners and copiers can’t pick up what’s they can’t see. Basic security measures include invisible fluorescent fibers and multiple indicator stains to recognize tampering. These are things that scanner won’t be able to replicate. 

Watermarks are also a common way to make documents harder to replicate. A watermark is a recognizable image in paper that appears as various shades of lightness/darkness when viewed by transmitted light. A good one makes documents nearly impossible to duplicate. These measures are usually used on higher value and higher risk items.

These are just a few of the safety measures that you have the ability to make. We’d rather you be safe than sorry!

Photo Credit to David Goehring and Hay Kranen. 

Mobile Banking: iOS > Android

Google’s Android platform is growing faster than Apple’s iOS but iOS is still a friendlier platform for bankers. Simply put: iOS users are more engaged.

Malauzai, a leading mobile banking software provider, compared the two platforms. Of the 160 thousand mobile users, 66% use iOS. Of the iOS users, 72.5% use mobile banking at least once in a 90-day period.

More specifically, look at transfers, bill pay, remote check capture, or picture pay. The value of money movement for an iOS user is 80% higher than for Android. Picture pay and bill pay require users to take pictures of bills to make payments. iOS users use this service at a rate 70% higher than Android. Also, iOS users are 300% more likely to expedite payments. This creates a revenue opportunity for banks and credit unions.

According to Malauzai, one conclusion that could be made is that iOS devices are purchased by older users who can afford the devices. In turn, those consumers are most likely more profitable consumers to financial institutions. These customers tend to hold high balances and pay more bills from their checking accounts. 

Apple’s iOS also seems to be safer than Android. Applications are fully evaluated and examined before customers have access to them in the iOS App Store. This has prevented widespread malware infection. Android, on the other hand, has provided the ability to install apps from third-party sources. Although some are well-known and reputable like Amazon, others are not. Some have been found to originate from Russia and China malware hotspots. Developers deconstruct and decompile popular apps and publish malicious versions. 

All and all, customers deserve a safe and user-friendly experience when they use mobile banking. Apple’s iOS platform not only seems to provide that, but generates more profit for banks and credit unions.

sources:

http://www.malauzai.com/docs/monkeyinsights_1013.pdf

http://www.sophos.com/en-us/security-news-trends/security-trends/malware-goes-mobile/why-ios-is-safer-than-android.aspx

Codi Mast

Benjamin Franklin gets a facelift

A new $100 bill will begin circulation Tuesday, October 8^th.

 

The new bill has several unique features to make counterfeiting more difficult including a blue, 3-D security ribbon. Also there are new watermarks and “100s” printed on either side. Except for the $1 and $2 bills, all United States paper currency has been redesigned in the last 10 years. 

Actually, the $100 bill was supposed to be redesigned and released back in 2011. The Federal Reserve announced that there was a problem with the new security measures that was causing the bills to crease during printing. The crease caused white space on the bills.

The $100 bill is the second most common bill in circulation, only behind the $1 bill. According to the Federal Reserve, there are 8.6 billion $100 bills in circulation. Now obviously we don’t have to turn in the old bills for the new, but I’m excited to get my hands on one.

Banking & Pinterest go together like Peanut-butter and Tuna Salad

Wait What?

 

Pinterest is one of the newest popular social media platforms. It’s just three years old and boasts 70 million users.  This fast-growing outlet is catching the attention of banks and has them wondering, “Should we start pinning?”

Pinterest is a collection of pin boards that people share with one another. It’s primarily an image-sharing tool. If your pin doesn’t have a great visual, it’s probably going to get overlooked. Most pinned images link back to a website. Any particular pin can get repined (someone “shares” your pin to be seen by others) or get a click-thru (someone clicks your image to see the original site the image came from). Clean, clear, and colorful images are most likely going to get you more attention, repins, and click-thrus. So if you’re going to jump on the Pinterest train, you’re going to have to get visual.

Corporate Insights, a user experience research firm based in New York, recently released seven ways that financial institutions can be successful on Pinterest.

1. Retirement – interactive marketing campaigns focused on visuals
2. Savings and Investment goals - sharing photos of goals
3. Credit Card Rewards – highlight credit card reward options (ex. Travel, merchandise, etc.)
4. Lifestyle – share photos from sponsored events
5. Corporate Mascots – feature proprietary imagery of mascot
6. Contests – rewards for liking or repining
7. Charitable giving – showcase philanthropic endeavors

Just like other social media platforms, brand recognition is sometimes hard to measure. Getting financial institutions successful on Pinterest is going to take some time, work and experimentation. We must keep in mind – it is possible.

sources:  http://www.corporateinsight.com/about-us/in-the-news/2003-banks-take-first-tentative-pinterest-steps.html

http://expandedramblings.com/index.php/pinterest-stats/

Written by Codi Mast, Optimum Companies