As we move into the second quarter of 2012, we see the U. S. community banking industry stepping up their technology budgets. This movement is a result of the industry trying to capture their future market; the Generation Y (Gen Y) customers (Yurcan, Brian, “8 Bank Technology Trends That Will Shape the Industry in 2012,” www.banktech.com, January 3, 2012).
The Gen Y market, comprising people born between approximately 1979 and 1999, is enormous. The immensity of this demographic is only outsized by its future earning potential. This group, made up of approximately 80 million adolescents and young adults, earn approximately $214 billion annually and are expected to earn $3.4 trillion, compared to the estimated $2.8 trillion earnings of the baby boomers by 2018 (Constantine, Greg, “Tapping Into Generation Y: Nine Ways Community Financial Institutions Can Use Technology to Capture Young Customers,” www.firstdata.com, April 2010).
In an effort to meet the growing technological demands of a technologically savvy market and to make banking easier and more convenient for our customers, Intracoastal Bank is initiating several exciting new services in 2012. Some of these new services include:
- A newly installed ATM which will eventually be an automated banking center, allowing transactions to be done 24/7. Business and Personal customers will be able to make deposits using image technology; no deposit slips or envelopes are needed. This ATM will allow bulk cash and checks to be deposited. The machine will add up the checks and cash to be deposited and confirm that this number matches what the customer enters. The customer will receive a receipt of their transaction with images of all checks deposited for their records. This machine is so smart that it can even detect counterfeit bills and will reject them.
- A new and improved Mobiliti Banking. We currently offer mobile banking, but we are taking it to a whole new level. There will be 3 ways to access the mobile banking feature: text messages, website or by downloading an app to your phone. Besides checking account balances, making transfers and looking at account history, customers will be able to pay bills with their smart phones.
- The addition of Account Create to our website. This allows new and existing customers the opportunity to open accounts 24/7. This new service alleviates having to come into the bank during designated hours to set up an account.
- The addition of LinkLive to our website. This gives our customers the opportunity to have online chats with our Personal Bankers when they have questions. This program also allows our Personal Bankers to view a customer’s desktop in order to assist them with their online banking issues.