How Millennials are changing payments and processes

Transcription

1 How Millennials are changing payments and processes May 2, Wells Fargo Bank, N.A. All rights reserved. For public use.

2 Meet our speakers Ryan Jenkins Millennial and Generation Z speaker and author Eric Rausher Cash Management Eric Rausher Supervisor, JM Family Cash Enterprises Management Supervisor, JM Family Enterprises Thomas Rodriguez Cash Applications Manager, Dal-Tile Distribution, Inc. Malinda Anthony Senior Malinda Vice President, Anthony Senior Sales Vice Manager President, WellsDivision Fargo Sales Manager Wells Fargo 1

3 Today s topics They re everywhere! Understanding millennial behavior and trends Dal-Tile s payment reinvention program JM Family Enterprises online and e-payment initiatives Questions 2

4 Millennials 75.4 million strong 25% of U.S. population 34% of today s workforce 50% of 2020 workforce $200 B spending power Source: U.S. Census Bureau, Pew Research 3

5 The digital company. That s also an industrial company. GE

6 Good morning. All day. Good morning. All night. Good morning. Whenever. McDonald s

7 Audience poll Which of these has helped to shape Millennials actions and attitudes A. Technology internet, smart phones, online shopping B. Social media Snapchat, Instagram, Facebook C. The Great Recession D. Student debt E. All of the above 6

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11 Audience poll To which generation do you belong? A. Generation Z (<18) B. Millennials (19-35) C. Generation X (36-51) D. Baby Boomers (52-70) E. Builders (71-88) 10

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28 Audience poll What payment types do you currently offer your customers? Check Check and card Check, card, and ACH Check, card, ACH, and mobile (PayPal, Apple Pay, mobile wallet, etc.) 27

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30 Dal-Tile s payment reinvention Program Thomas Rodriguez, Cash Applications Manager

31 Dal-Tile Largest manufacturer and distributor of ceramic tile in U.S. Nearly 300 sales-service centers nationwide 30

32 Payments at sales-service centers per month $60 million 11,000 checks 31

33 Millennial customers Taking over family businesses Managing business processes for employers 32

34 Marketing 33

35 Requirements Minimal IT involvement High adoption rate Complete remittance information Solutions Virtual Lockbox E-Bill Express 34

36 Virtual lockbox Scan checks Send electronic file to bank Receive one bank file for all payment channels 35

37 E-Bill Express Online invoices Online payments Seamless cash application No storing of bank or credit card data 36

38 JM Family s online and e-payment initiatives Eric Rausher, Cash Management Supervisor

39 Largest independent Toyota distributor in the world, serving Alabama, Florida, Georgia, North Carolina, and South Carolina Captive finance company for Southeast Toyota dealers (Consumer Retail & Lease and Commercial lending) and provider of third-party servicing to companies in the finance industry One of the largest providers of finance and insurance (F&I) products, services and training in the U.S. automotive industry. Private label provider for SET, VW/Audi and Kia Motors. #1 volume Lexus dealer in the world for 24 consecutive years. 38

40 Millennials 24% of consumer customers Employed by dealerships in sales, service, management positions 39

41 Online vehicle ordering and customization program 40

42 Dealer program: ACH vehicle payoff now in test Before: Check payoff 3-4 day paper intensive process After: ACH payoff 2-3 day process Less paper No courier costs 41

43 Consumer program: Website optimization for online & mobile payments Payments: 35% online 50% electronic 42

44 Dealer program: e-contracting Before: Triplicate paper contracts completed and sent to JM Family or Dallas lockbox where they re scanned and sent to insurance. After: 51% of finance contracts completed online. 43

45 Ready Upon Arrival WE RE REVOLUTIONIZING The Way You Buy Luxury With RUA READY UPON ARRIVAL 3 Easy Steps 1. Select your vehicle. 2. Negotiate your deal. 3. Take delivery & go! Click Here or call 855-LEXUS-RUA to learn more Everything s online but the car 44

46 Ready Upon Arrival Rolled out in May 2 dedicated RUA specialists 44 vehicles delivered 7% of new vehicles sold 45

47 Great place to work #45 on 100 Best Workplaces for Millennials #15 on 20 Best Workplaces for Baby Boomers 46

48 Audience poll How prepared is your organization to engage millennials and create loyalty among them for your brand and your products or services? a. Very well prepared b. Fairly well prepared c. We need work 47

49 Questions

50 Speaker biography Ryan Jenkins Millennial and Generation Z speaker and author Ryan Jenkins is an internationally recognized Millennial and Generation Z keynote speaker, author, and Inc.com columnist based in Atlanta, Georgia. For five years, Ryan has helped organizations such as Coca-Cola, John Deere, Altria Group, ConAgra Foods, Aramark, and others in industries including insurance, security, banking, healthcare, education, and consumer products to better lead, engage, and market to the emerging generations. 49

51 Speaker biography Thomas Rodriguez Cash Applications Manager, Dal-Tile Distribution, Inc. Thomas Rodriguez, a graduate from the University of Phoenix, has worked in the cash management field for over 20 years. Thomas leads the cash applications team for Dal-Tile, the largest ceramic tile manufacturer in the U.S. and one of the largest tile manufacturers in the world with more than 10,000 associates and 250 Sales Service Centers in the U.S, Canada, and Puerto Rico. 50

52 Speaker biography Eric Rausher Cash Management Supervisor, JM Family Enterprises Eric Rausher is a 2001 graduate of the University of Central Florida in Orlando. Eric has been with Deerfield Beach, Florida-based JM Family Enterprises, a diversified automotive business with revenues of $14.5B in 2015, since As Cash Management Supervisor, Eric manages the daily cash process as well as short-term investment options for the company. 51

53 Speaker biography Malinda Anthony Senior Vice President, Division Sales Manager, Wells Fargo Malinda Anthony is Senior Vice President and Division Manager with Wells Fargo s Treasury Management Group. Malinda manages the consulting efforts for the North Division comprised of six states in the Midwest. She and her team provide industry insight, process reviews, best practices and benchmarking in working to meet the financial needs of companies today and in the future. 52

54 Ryan Jenkins references Bankrate,Money Pulse 2016: PayPal, Millennial Credit Makeover: Salesforce, How Millennials are Shaping Mobile Payments: Payments Journal, Millennials Lead the Change on Mobile Payment Adoption, 2016: FirstData, The Unbanked Generation: A Guide to the Financial Habits of Millennials: Internet Retailer, Mobile Commerce Now 30% of All US e-commerce: Benchmark , Meet the Mobile Generation and Mobile Marketing: Deloitte: The 2015 Millennial Survey: millennial-survey-executivesummary.pdf Millennial Marketing, Who Are Millennials: CNBC, How Trillion-dollar Millennials are spending their cash:: DISCLAIMER The logos used in this presentation are the property of the respective third parties. 53