Load Up Your Information Plate!
By the time you’re piling your plate high with Thanksgiving goodies, your “information plate” is pretty empty. And that makes sense. It’s been a whole year (and a stressful one at that). You’re tired and just trying to cross the finish line on those last few annual goals.
But there’s another starting line right after it. You need to be ready for what’s on the horizon in the coming year. This article will help you load up your information plate, feeding you a couple financial news trend tidbits to watch out for before you clock out for the year.
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1. Payment Innovation Marches On
The world of payments never stops moving. You blink once, and everything changes. Knowing what’s on the payments horizon (and more importantly, addressing it) is key to not being left behind. And some institutions are at serious risk of being left behind.?
We’ve heard stories of some credit unions who still don’t have chip-enabled payments or tap-to-pay…and the industry is already moving beyond that. Here are a couple things to pay attention to:
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2. Focus on the Family (Banking)
My guess is…you still have to get younger as an institution. This goal has been at the forefront of institutions’ strategies for years, and it hasn’t gone away. But misguided stereotypes or antiquated strategies are preventing community financial institutions from reaching the goal. The generations you once knew are gone.
And you could be gone too if you don’t make the right choices…
Gen Z is not just the “TikTok Generation.” They predominantly watch YouTube as well, and 47% listen to podcasts monthly. They are also big savers. According to the Financial Brand, they are 30% more likely to open a savings account than other generations and almost half of them save over 20% of their monthly income. How do they choose where to save? Family and friend recommendations are most important to them.
This family theme is also vital when looking at Millennials (and their kids – the newish Gen Alpha). Millennials are keen on teaching their children about money and saving for them…all while maintaining control over Gen Alpha’s digital environment.?
So, getting younger goes beyond targeting young people directly. Target their circle too. And don’t assume what they want or who they are. The truth is: the “younger generations” are growing up and your strategy needs to grow up with them.
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3. Don’t Forget the Humans During AI Implementation
You open your eyes in the morning…AI is there. It’s the subject of that book on your nightstand. It’s in countless news articles on your phone. Heck, it’s a part of your phone now.
But despite how ubiquitous AI seems, many people are still wary of it. It’s the Terminator, and it’s coming for their jobs.
This fear easily capsizes any AI innovations unless you tackle it in advance. Royal Bank of Canada executive Olga Tsubiks says there are three main things sabotaging your AI implementation:
Overcoming these hurdles requires better communication about AI, what it can do and what it can’t do.
Show how AI shortcuts make employees’ lives easier and more balanced to establish buy-in. If people sacrifice some of the day-to-day for AI implementation now, they could have more day-to-day time later. And leaders must espouse a united, positive message to succeed. Skepticism from leaders generates skepticism from staff.
But be honest. It’s not a cure-all for work and still needs human specialists. Of course, it might also eliminate some job functions. That doesn’t necessarily mean someone’s whole job goes away…but the job might change.
Like with the brand triangle, executives need to lead the implementation and employees need to live it for AI projects to succeed.
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Clear Your Plate
Is your plate now loaded up with information and work? On The Mark Strategies has ways to help, from strategy to marketing to branding and training. If you don’t know much about us, learn more in the video:
Book a free consultation today to clear your plate and regain some valuable bandwidth as you face down a busy new year.
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Want More Tips?
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“The Marked For Success Minute” is a free weekly newsletter delivered right to your email inbox every Thursday. It’ll give you bite-sized #strategy, #marketing and #branding tips to grow your #creditunion or #communitybank. Just make sure your IT department knows to let it through your spam filters, and you should be good to go.
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