Millennials are disrupting industries everywhere, especially banking, with the evolution of technology and convenience.
Citizens Bank recently announced plans to redesign at least 50% of its locations into cafe-style branches and says that it's started to rethink how to make those locations into more of an advice-based experience for customers. Beth Johnson, Chief Marketing Officer and Head of Virtual Channels at Citizens Bank, joined us on Cheddar to break down the strategy.
Citizens Bank is focused on enabling millennials to access their banking anytime and anywhere. Johnson stressed the importance of mobile but added the bank's branch footprint is still an important medium for meeting customer needs. She added that different branches will be set up differently in an attempt to accommodate as many people as possible.
Johnson discussed how Citizens views trendy apps and digital tools such as PayPal. She said they think about "build, buy, and partner." Citizens already has almost 100,000 customers signed up with Zelle, Johnson said.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
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