First Financial Bank Group 2: Michelle Bartlett, Spencer Ranft, Jiun - - PowerPoint PPT Presentation

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