First Financial Bank Group 2: Michelle Bartlett, Spencer Ranft, Jiun Kim, and Chloe Woodworth
Our Findings Target Audience: 22-39 year olds (Millennial Generation) Need the most financial help ● Over ⅓ of millennials borrow from alternative financial services ○ Almost ⅓ of millennials lacked emergency savings ○ Average amount in savings: $1000 ○ 85% of millennials have debt ○ Average debt is $60,000 ■ More likely to switch banks ● Lowest level of customer engagement ○ Rely on digital banking tools ● 65% of millennials have used online banking in the past year ○ 72% of millennials have used mobile banking in the past year ○
Targeting Millennials Employment and income instability is a reality for many millennials ● Design products to help them manage the financial swings without punitive fees ○ Millennials rely on technology ● Capitalize on this digital mind-set ○ A financial institution’s concern with their financial well-being is one of ● their top reasons they would choose to do business with them.
Financial Needs Saving for emergency funds (64%) ● Saving for retirement (49%) ● Saving to buy a house (33%) ●
Product Positioning Online banking app ofgers Link all bank, credit card, and loan accounts ● Mobile deposit ● Bill payment ● Security and account alerts ● Account to account transfers ● Person to person transfers ● Additional content to difgerentiate from competitors Free online financial classes ●
First Financial Food Truck - Banking on Wheels Opportunities: Attend public events (sporting events, ● parades, festivals, etc.) Client events (new business, etc.) ● Bank events (grand openings, employee ● events, sales events, etc.) Services ofgered through banking on wheels: Opening new accounts ● Managing existing accounts ● Mobile ATM ● On-board teller, wealth manager, financial ● advisor and financial planner
Marketing Content Marketing Banking on Wheels: Coordinate with difgerent colleges in Cincinnati area and Hold financial ● wellness events for college students Partnering with local Cincinnati companies and Host finance seminars for ● new coming employees and current employees Advertise what events and services they ofger, and when and where the food ● truck will attend Actively post and engage on social media apps and on the mobile banking ● apps
Difgerentiation Competitors US Bank ● PNC ● Fifth Third Bank ● First Financial Bank can difgerentiate themselves as a local Cincinnati bank from the big franchise banks and attract Cincinnati based customers by being more approachable and reliable.
Conclusion Our target audience needs Financial help and will switch banks to find it ● Rely on technology and want less fees ○ Focus on their current financial needs (house, emergency fund, retirement) ○ Food Truck = the Bank On Wheels ● Used for special events in the community and for clients ○ Has the resources and personnel to act as a functioning bank ○ Advertise towards the target audience age using social media and current clients ○ Difgerentiate from the big three competitors ● We look forward to continuing business with First Financial Bank
Works Cited de Bassa Scheresberg, Carlo. "Financial Literacy and Financial Behavior among Young Adults: Evidence and ● Implications." Numeracy 6, Iss. 2 (2013): Article 5. DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 https://scholarcommons.usf.edu/cgi/viewcontent.cgi?article=1138&context=numeracy “From Investing To Budgeting, How Millennials Are Disrupting Personal Finance.” CB Insights Research, 6 Feb, ● 2020, www.cbinsights.com/research/millennials-personal-finance/. Friedline, T., West, S. Financial Education is not Enough: Millennials May Need Financial Capability to ● Demonstrate Healthier Financial Behaviors. J Fam Econ Iss 37, 649-671 (2016). https://doi-org.proxy.libraries.uc.edu/10.1007/s10834-015-9475-y Garon, T. (2019). Banks are missing their millennial opportunity: With 20- and 30- somethings just beginning to ● build financial wealth, banks must orient their business to meet the needs of these customers. On Wall Street (Online), Retrieved from https://search-proquest-com.proxy.libraries.uc.edu/docview/2294038038?accountid=2909 Lake, R. (2020, April 09). These Millennial Banking Trends Might Surprise You. Retrieved April 12, 2020, from ● https://www.thebalance.com/where-do-millennials-bank-and-why-4428054 McFeely, S. (2020, February 28). 4 Ways Banks Can Win and Keep Millennial Customers. Retrieved April 12, 2020, ● from https://www.gallup.com/analytics/237734/ways-banks-win-keep-millennial-customers.aspx
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