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Millennials Disrupted –Staying Focused in a Gig Economy

Kati Kennedy, Senior Vice President, Client Operations

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Who is BankMobile?

• Offers Refund Management®

• More than 200 staff members, headquartered in New Haven, CT

• Nearly 5 million students receive their disbursements from BankMobile

• BankMobile delivers 1 out of 3 student refunds in the United States

18years of

Refund Management

nearly

800campuses served

over

1.8Maccount holders

©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

DISˈRƏPSH(Ə)N/NOUN

DISTURBANCE OR PROBLEMS THAT INTERRUPT AN EVENT, ACTIVITY, OR PROCESS.

"THE SCHEDULE WAS PLANNED TO MINIMIZE DISRUPTION"

dis·rup·tion

IS A TERM IN THE FIELD OF BUSINESS ADMINISTRATION WHICH REFERS TO

AN INNOVATION THAT CREATES A NEW MARKET AND VALUE NETWORK AND

EVENTUALLY DISRUPTS AN EXISTING MARKET AND VALUE NETWORK,

DISPLACING ESTABLISHED MARKET LEADING FIRMS, PRODUCTS, AND

ALLIANCES.

Disruptive Innovation

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Why Do These Terms Matter?

• These seem like ‘buzz words’ but they are today’s reality…

• There is significant disruption in many industries:• Banking• Social media• Higher education• Doctors and medicine• Weddings

• Is this good?• Time will tell, but what do you think?

Who is creating this disruption?

• 25% of the United States’ population

• Individuals who reached adulthood in the 2000s

• Also known as Generation Y

• The birth year of a millennial ranges from 1982-2002

MILLENNIAL GENERATION & THE GIG ECONOMY

LET’S TALK ABOUT THE

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Who Are They Really?

• We aim not to place generations in categories because we are all youthful and are capable of being the leaders of today (not tomorrow)

• Evolved in an era of advancing technology

• Millennial leaders desire mentors and trusted advisors to influence their self-confidence and leadership

• Many youth rely on social media to guide their life, instead of morals and beliefs learned by parents

“I believe I am like the thousands of leaders aiming for success on all levels: financially, academically, mentally, socially and physically.”

Sarah Dillard©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

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What is a Gig Economy?

• Millennials embrace the “gig economy” lifestyle:– Ditching the standard 9-5 job– Finding meaningful work in a less traditional setting

• The Millennial Economy Report states that almost half (44 percent) of the millennials surveyed have a “side hustle”– Report states Millennials are looking for careers that give them freedom, flexibility, and fulfillment

©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

11©2018 BankMobile. All Rights Reserved.

What are the Benefits of the Side Hustle

• The gig economy simply fits the lifestyle of a college student year-round• By being able to choose their own hours, students can work around their class schedule• If they have a big project due, or finals week is around the corner, they have no obligation to work that week

• Over 50% of the workforce in the US who were being paid minimum wage were between the ages of 16-24• Many of the jobs in the gig economy are offering upwards to twice the rate of minimum wage depending on the city

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Gig Economy on campus

• Students are generating a livable gig economy while attending classes

• Maintains the financial freedom society pitches, yet it causes stress to maintain a balanced lifestyle and truly enjoy the college experience without the burden of debt

• More often these students become young business owners by maximizing their talents into a sustainable mode of income, in addition to their "day job"

©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

THE STATS…A GIG ECONOMY:

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Millennials aka Gen Y – What They’d Like You to Know…

• Ethnically diverse• Digital natives• Connected, social• Global citizens• Conscious• Pragmatic idealists• Educated• Entrepreneurial• Progressive• Financially curious

©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

15

41

24

13

22

50

21

10

18

Working fulltime

Workingpart time

Student,not working

Notemployed

2010 2006

-9

+3

+3

+4

Change

Full-time Employment Drops Among Young Adults

STUDENTS FOCUSED

HOW TO HELP KEEP

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Student Expectations

• What are your expectations of your University to support you in your on-the-go lifestyle? How can they help you or how have they helped you in the past?

• Ensure internal operations are done in a timely manner• Create confidence in services• Offer tools that support ease of use (e.g., mobile app)• Communicate with us: Text messages Email Apps Social Media

©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

19©2017 BankMobile a Division of Customers Bank. All Rights Reserved.

Good decisions to help students

• Schedule classes at times that create student success– Not just for the convenience of the professors

• Engage with students in a way they want– Use social media – and not just Facebook– Consider text messaging for issues other than emergency situations

“

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“Millennials are known as the innovators and the disrupters. They have challenged the industry standard and developed more efficient ways to live their lives with the use of social media and

technology. Whether it’s finding a room on AirBnB, a ride on Uber or a date on Tinder.”

- The Levo Institue

©2018 BankMobile Technologies, a wholly owned subsidiary of Customers Bank. All Rights Reserved

THANK YOU!

Kati KennedySenior Vice President, Client Operations BankMobile (203) 776-7776 ext. 4439kkennedy@bankmobile.com