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Nixing products with overdraft fees, promoting rewards programs and marketing share certificates are central to expanding market share among several key demographic groups, according to a new study by data-analytics software firm Saylent.

“What financial institutions can glean from this research is that the large underbanked and millennial markets present a substantial opportunity for customer growth and revenues,” Saylent President and CEO Tyson Nargassans (pictured) said.

“In addition, banks and credit unions that differentiate and package products for different audiences, including incentives and rewards for specific behaviors, as well as optimize for the mobile channel, will drive adoption, more effectively serve customer needs and bolster satisfaction and loyalty.”

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Tina Orem


Credit Union Times

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