Green Checking

I am a card carrying member of Generation Y, but personally I prefer millennial because it sounds cooler.  As studies have shown we are a generation that wants instant satisfaction and trophies, and let me tell you I have trophies, more than I can count.   As I constantly need instantaneous information, I am an Internet banking customer.  I haven't been inside a branch in I don't know how long.  Moreover, I don't want to go to a branch, I don't want to wait in line, I don't even want to carry cash.  My favorite method of payment is PayPass because all I have to do is tap my card.  It's not instant gratification if I have to do the two scribbled lines that pass for my receipt signature.

I have come to suspect that banks find customers like me very valuable.  At our forums we often have a very analytical executive as a speaker from a very large and analytical bank.  His research shows that for Internet banking customers like myself, it would pretty much take an act of God for us to change banks.  This makes perfect sense, as once you have bill pay and everything set up, it is just too much of a hassle to change.  Then on top of being one of the stickiest depositors in the bank, I rarely need to speak with anyone who actually works at the bank.  Moreover, you don't even need to mail me statements, as I just throw them away anyway because by the time they get to me the information is outdated.

It has also been said that people of my generation want more than to just make money and have a good health plan.  Millennial, myself included, want to make a difference.  This isn't to say that down the road I won't become jaded, but at this point I still want to change the world.

I recently came across a new suite of products from Harleysville National Bank  (just acquired by First Niagara) dubbed “GreenGen” that I think are absolutely brilliant.  Harlyesville is an environmentally friendly bank and this product suite goes hand in hand with their culture.  The GreenGen suite of products are completely paperless checking and savings accounts for retail and business customers.  This suite of products is perfect for Internet banking customers like myself.  I know paperless bank accounts are a dime a dozen, but what really struck me about this product is that it offers a $0.10 incentive to do things like use your Visa Check Card or pay a bill online.  Again, this is nice feature, but the part that really draws me is that the bank matches every $0.10 incentive with donations to local environmental causes. 

The GreenGen product suite is not only great for the customer, it is also great for the community and in a seemingly cost effective manner.  As many banks are facing pressure on their bottom line, things like charitable giving are probably getting reevaluated.  This product, and ones like it, allow the bank to still give back to the community but by funding it through savings in areas like postage and printing costs for statements.  I think being an early adopter of a product like this will definitely differentiate you from your competitors.  The general public knows banks are hurting, so giving back in times like these will not only endure you to your community, it will also show that you are strong enough to do so.  Anything banks can do to improve their image these days is a plus, especially if it can be done in a cost effective manner.

What I like so much about the “GreenGen” suite and products like it is that they allow me to make a small difference in the world.  Making a difference makes me feel good and if I could feel good about doing simple things like paying bills or using my debit card, then sign me up.  Abraham Lincoln once said “When I do good, I feel good; when I do bad, I feel bad...”  I think that is something anyone can agree with, not just us Gen Y'ers.  If you can help your customers give back to the community by simply banking with you, they will feel good.  And if by default they feel good about your bank, I don't think that's such a bad thing.