A one-two punch: Optimize your contracts and meet millennial demands

first_imgAre your card processing contracts coming up for renewal in the next 18-24 months? Then it’s time to consider bringing in an expert negotiator to score you lower fees, secure  improved terms, and acquire new services that can help you better serve the single largest market out there today: Millennials.The Power of the MillennialsWe hear a lot about the power of Millennials, and for good reason—born approximately between 1982 and 2002, they’re the largest generation in American history and in our workforce. Millennials represent your credit union’s largest potential member base … are you keeping up with their desire and demand to bank, purchase, and receive alerts via mobile devices—also known as the “digital wallet”? Millennials’ affinity for and reliance on technology make for some astounding realities for credit unions:One in three Millennials are open to switching to another financial institution within the next 90 daysMillennials are three times more likely to open a new account using their phones versus in person23% of Millennials cite lack of a mobile app as the main barrier to financial institution engagement94% of Millennial consumers actively use online banking — many via their smartphones and often never setting foot inside a branch If your credit union doesn’t currently offer digital wallet access for members, you’re simply not meeting the needs of a large and influential segment of the population.Digital Wallet is Waiting for YouSelecting digital wallet services can seem daunting, but they are actually right under your nose, waiting for you.When you negotiate card processing agreements, digital wallet services are often part of the sales pitch. But, for one reason or another many credit unions aren’t quite ready to take advantage of the offers—not enough awareness of the importance of offering digital wallet, not enough in-house experience with the services, not enough funds available, etc. That’s where having trusted advice can make an even more significant impact. Often without realizing it there could be many other missed opportunities if you aren’t fully prepared or able to put it in focus when tackling complex contract negotiations like card processing, internet banking, core processing or card brand agreements. Once you have digital wallet up and running, you’ll see the interest it garners from tech-savvy members and be relieved not to have been left behind as this new way of banking rapidly turns traditional banking on its head. As a bonus, you’ll likely see an increase in revenue from greater card usage when you open up digital payment platforms.Everything to GainWhen you start thinking like a Millennial and serving them on their terms, you’re not only positioning yourself as a forward-thinking credit union—you’re making it easier for your members to engage with you and utilize your services. And that’s always a worthy objective that pays off in so many ways. 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Kelly Flynn Kelly has over 15 years of sales and management experience helping financial institutions of all sizes. She leads a team whose charter is to optimize the value of every contract … Web: www.JMFA.com Detailslast_img read more

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Cardiff fans seek name change pledge

first_img Press Association “We would like a firm commitment from Mr Tan that a Hull City-style change of name will not be countenanced by him at any time in the future,” Trust chairman Tim Hartley said in a statement. “Once again, Mr Tan’s interview illustrates how important it is to have strong supporter involvement in football clubs, as happens at Swansea City and many other clubs across Wales and England, and in Europe in countries like Germany.” Hartley criticised the timing of Tan’s interview, with the club three points adrift of safety in the fight to stay in the Barclays Premier League, and has called on him to engage with fans’ groups. Hartley said: “We are disappointed Mr Tan has raised uncertainty about the future at a time when the team is fighting to retain Premier League status. “Mr Tan talks about wanting to unite with fans. The first thing he could do to help towards achieving that would be to meet the Trust and Cardiff City Supporters’ Club as was promised in December last year. “Putting that meeting into the distant future is not acceptable and shows disrespect to supporters. “While fans are grateful for the significant investment into Cardiff City, we don’t believe fans need to apologise for campaigning for a return to our traditional blue colours. “We are also concerned Mr Tan has yet to decide whether to convert the debt owed to him into equity, which is what fans were promised in no uncertain terms. “This season should have been an exciting experience for fans after an absence of more than 50 years from the top flight, but it has been soured by continuing off-the-field distractions,” added Hartley. Tan has given a wide-ranging interview to the BBC in which he stands by the decision to switch the club’s colours from blue to red, claims former manager Malky Mackay “got lucky” in winning promotion, criticised the British press for being “a little bit racist” in their portrayal of him and claimed that only a minority of supporters oppose his ownership of the club. Having seen Tan dispense with one tradition, the Cardiff City Supporters’ Trust now wants assurances from the Malaysian businessman that he will not seek to alter the club’s name. Egyptian businessman Assem Allam, who owns Hull City, wants to rename his club Hull Tigers for commercial reasons. center_img Cardiff fans have asked owner Vincent Tan to promise he will not consider changing the name of the club.last_img read more

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