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2025 marks the 120th anniversary of Century Next Bank. Each month, members of our team will share something special about the banking industry.Today we are reaching out across the generations to show how the influence of convenience banking has shaped our banking habits.
Recently, the American Bankers Association (ABA) completed a survey of Baby Boomers to Gen Z about banking trends in the United States. Their purpose was to show which bank method such as mobile apps, online banking, mail, branch visits, etc., are most convenient by comparision across the generations.
Today we visited with a Gen Xer and a Millennial to see what influenced them most about banking modernus and how the concept of convenience banking has impacted our respective generations.
What is your favorite tool, method, or feature of banking?
I will happily nominate the simple debit card. In 1992 I received my first debit card. Debit cards came on th escene heavy in the early 1990s and landed in the wallets of many Americans. For me, the impact was speed. It took less time to swipe a debit card versus writing a check at places like my local grocery store. Long lines moved faster and that was perfect for me. Also, purchases seemed to post faster and we did not have the delay of waiting on checks to clear. Like most, we were working and had families, so moving faster was ideal.
As a banker, what are your thoughts on the debut of the debit card?
The convenience did not stop with the customer, but helped the vendor as well. Imagine yourself as a business owner and decreasing the worry of insufficient funds and bouncing checks with each transaction. Purchase approval was based primarily on available balance so both the consumer and business owner had some protection. CNext has excellent merchant services solutions for our business customers.
What is your favorite tool, method, or feature of banking?
It has to be Mobile Banking! The convenience - accessibility at your fingertips - is the reason I choose this tool. Mobile Banking offers quick access to your balance, quick transfers, and I can deposit a check without ever walking into a branch. Most any task that can be accomplished inside can now be done with our phones. Accessibility to accounts 24/7, anytime, anywhere is a great convenience. If I have a check to deposit, I can make a mobile deposit when I am out of town or after banking hours. This is incredibly convenient.
As a banker, do you see your generation in the branch?
Rarely; occasionally in the drive-thru or at the ATM, but not often inside. Our generation is very independent. We are problem solvers and we are workint with families at home, so banking on-the-go is a great fit. Mobile Banking has made a positive impact for the Millennial-led family. If you're banking with CNext but aren't using our mobile app, it's easy to get started!
Our two conversations reveal how banking has evolved and impacted these generations. Gen X was shaped more about in-person convenience while the Millennial appreciated a digital experience. Both emphasize the necessity for speedy transactions, which support work and family. Customer lifestyle helps drive banking solutions, providing opportunities for us to support our customers and their needs.
