ABA Banking Journal - September 2007 - (Page 40)
BANK MARKETING the boom! Eight points to assess your bank’s boomer plan By John M. Trice, “boomer” and market president, Frost National Bank, Corpus Christi, Tex. 40 SEPTEMBER 2007/ABA BANKING JOURNAL www.ababj.com/subscribe.html ILLUSTRATIONS BY MCMILLAN DIGITAL ART Don’t miss hile we bankers fret about technology, shrinking margins, and the realities of preserving market share, there is a societal shift under way that many of us are aware of, but few of us are paying much attention to. Subtle now, this shift will become more pronounced over the next ten years. It will not only challenge our industry, but will also impact countless sectors of the U.S. economy. The shift I refer to is the boom—no make that the sonic boom—that the baby boomers will create as they plan for, and move towards, those celebrated retirement years. The “baby boom” generation is most commonly defined as individuals born between 1946 and 1964. Demographers have W dubbed it the single greatest concentration of births that the world has ever known. We bankers are sticking our heads in the sand if we think that the boomers will not somehow change the banking industry we know today. As the boomers move into the next segment of their lives, no line of business in which we serve them will be immune. So, how do we bankers prepare for the next milestone in the life of the baby boomers? More importantly, how do we position our banks to anticipate their changing needs, build and preserve their relationships, and bring value to their lives? And equally as important, how do we preserve our bottom line as the boomers move into the promised years and begin to see their money and our industry differently? Here are eight-boomer specific ideas to consider as your bank
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