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A turning point is on the horizon for community banks and credit unions: The looming generation crisis. Deposits might not be everyone’s strategic goal today, but increased competition and changing preferences of future generations could mean that by the time you need them, it’s too late.

This creates a new strategic goal for smaller financial institutions: Attract the younger generations. BAI reported that almost two-thirds of bankers said the deposit competition had increased over the past year and over two-thirds expect it to increase in the next year. The time to take action is now. If small financial institutions wait too long, by the time deposits are needed, larger institutions will have already swept in and captured the younger generation.

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