The banking industry is adjusting as millennials take precedent
Financial and technology consulting firms are working with community banks and credit unions to ensure they are using the best software for their institution while also receiving competitive pricing.
Consulting firms are making it easier for banks and credit unions to leave a vendor they are unhappy with. Moving forward, we’ll also see an increase in banking institutions transitioning from an in-house environment to a service bureau environment. As FI’s take a more aggressive approach to innovation, utilizing better IT solutions and implementing cutting edge security systems will likely increase, too.
Millennials have sparked this revolution in the banking industry. Whether they are traveling across the world or moving to a new state, this generation has a hard time sitting still. Banks and credit unions need to notice this trend and adjust their core software to make services more accessible to the busy life of young professionals, allowing them to keep using their accounts from anywhere.
For example, online banking apps are becoming increasingly prevalent, with 81% of millennials saying it’s either very important or somewhat important that banks have a high quality mobile app designed for smart devices (this according to a Mitek Systems survey).
Many banks have started to move towards universal banking, welcoming commercial, investment, and insurance services. Succession planning is taking place as well, making way for younger bankers to start taking on leadership roles earlier in their careers. These businesses are now altering their core software, making it more advanced, organized, and systematic in order to handle all these rapid changes.
The Copper River Group, located in Fargo, is a leading solutions provider for community banks and credit unions looking to progress their software to accommodate this shift in the way banking is done.
“We have heard many times from FI exec’s the concern; ‘I don’t know what I don’t know. How can I possibly make the right decision?’ The Copper River Group’s CEO, Dan Fisher, said. “At The Copper River Group, we understand this concern and can help because we have already done the homework for you! We know the vendors, he technology and how to organize the information that you need to know in an easy-to-understand format. We turn complex into simple.”
We’ve seen many industries adjust to the spending and lifestyle habits of millennials, and the banking industry is latest. Look for more banks and credit unions teaming up with consulting firms to help them expand their software capabilities to tailor to this market.
