At a time when many banks struggle to win over millennials, Ally Bank appears to be bringing them in: more than 60% of new customers are millennials. President Diane Morais explains how the bank is getting the attention of a younger generation. One popular product: debit controls.
The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.
In an extensive interview, Philadelphia Fed President Patrick Harker talks about the challenges facing community banks, the biggest threat to the financial system and the possibility of interest rate hikes later this year.
Young professionals have a reputation in banking for hopping from job to job. So what exactly are they looking for? The same things as older peers: solid benefits and better pay, according to recent surveys.
Financial institutions of all sizes are overhauling benefits policies and promoting work-life balance to better compete for millennial recruits with the hipper tech sector. The big changes include longer periods of paid time off for new parents.