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As financial activity continues to take place virtually far more often than in person, the payments landscape has undergone significant change. A recent Accenture report predicted that North American banks will lose up to 15% of payments revenue—or $88 billion—over the next three years due to the rise in big tech and fintech companies.

This means to remain competitive, banks will need to re-evaluate the way they handle their payments business line—starting in 2020. Consider the following tips as you explore a strategy for increasing payments revenue over the next year.

When it comes to marketing at banks and credit unions, millennials get a lot of attention. They’re the largest generation with the biggest workforce, so it makes sense. But, it’s important that you not forget about reaching other generations. Baby boomers, Gen X, and Gen Z are all part of your customer base, and each generation has different financial preferences and priorities.

Let’s take a look at how you can successfully target each one.

As more banks and credit unions have changed their approaches to customer acquisition from in-person relationship building to digital engagement, they need advanced back-end technology to support this transition.

That’s why 360 View offers so much more than a customer relationship management tool; our growth platform is designed specifically with your needs in mind to help maximize your team’s overall performance.

So, what exactly does this look like? Let’s dive deeper into how each module in the platform works together not only to support your marketing initiatives, but to drive real business growth.

You can create a data analytics strategy for your bank or credit union’s marketing initiatives, but if you don’t have the right people in place who can execute on the strategy, it won’t go anywhere. This has become a significant challenge for financial marketers, as a McKinsey & Co survey determined that 80% of banks find it difficult to recruit the right analytics talent.

There are a couple of ways to go about finding your analytics champions: 1) revamp your recruitment strategy, or 2) train current employees to take on these new roles. Either way, you’ll want to follow a few critical steps to ensure you build a team that can deliver the results you desire.

In a January 2019 report, the Credit Union National Association found that more than 118 million Americans currently use about 5,700 credit unions across the country.

Even with this growth, credit unions struggle to compete with bigger banks, as these financial institutions tend to offer much more robust digital banking solutions—a necessity for meeting customer expectations for convenience.