News Topic: Millennials

Wells Fargo charges students nearly four times as much in fees as banks without college marketing agreements, according to an internal report by the Consumer Financial Protection Bureau. ... Read full article

The online lender has acquired NextGenVest, which uses AI and text messaging to advise high school and college students about getting loans. CommonBond’s goal is to better understand the distinctly different demographic group rising behind millennials. ... Read full article

Adults ages 18 to 29 may have a hard time getting a mortgage, but they are not shying away from other forms of consumer debt, according to a report by the New York Fed. ... Read full article

The bank has long had a program in place to train new employees, but now it’s testing a pilot to help retrain existing staff for different careers at the institution. ... Read full article

Trade associations and other industry groups are partnering with universities and colleges to create more degree programs and special courses that prepare young people to work for banks — especially small ones. ... Read full article

Financial institutions need to adapt their offerings to meet the preferences of these young consumers or they risk losing ground to fintechs and other nontraditional players. ... Read full article

College prospects cite the financial crisis as one reason they are passing on community bank jobs to join fintechs. ... Read full article

Millennials are targeting homeownership within the next few years, but many are buying into certain house-purchasing myths, according to Bank of America. ... Read full article

Gen Z recruits add a fresh perspective and provide a talent pipeline for the future, bankers say. ... Read full article

The broadening of JPMorgan's Sapphire Reserve brand is emblematic of the niche expansion megabanks must rely on since bank M&A is not an option. ... Read full article

Cape Cod Five Cents Savings Bank has transformed its summer intern program so that it is more structured and attracts students who could see themselves staying in the industry. ... Read full article

The head of commercial banking at Citizens Financial urged bankers and other financial professionals to step out of their traditional roles and guide clients through corporate governance, data and other challenges that they themselves have dealt with. ... Read full article

How the 'Best Banks to Work For' get employees to love their jobs; Comerica works to address fraud in prepaid benefits program; how to tell if you're banking a pot business; and more from this week's most-read stories. ... Read full article

Savings Bank of Walpole loosened up internal policies that had limited body art and cellphone use, and it created the position of community engagement coordinator, to connect with younger workers. ... Read full article

Digital banks dispute the notion that they can skimp on customer service because millennials are only shopping for low fees and high savings rates. ... Read full article

The bank sees its global reach as an advantage in supporting evolving business customer needs. ... Read full article

Panelists: Renée D. Brown, CMO, Retail Financial Services, TIAA; Steven Dorval, President, John Hancock Personal Financial Services; Matt Fellowes, CEO, United Income; Roger Lee, CEO and Co-Founder, Human Interest ... Read full article

The bank's Finn app is attracting users by removing complexity from mobile banking. ... Read full article