Does the future look scary? Consider these five responsive strategies.

• Author: Motley, L. Biff
• Position: CUSTOMER SATISFACTION - Credit card systems

THE INTRODUCTION OF APPLEPAY surfaces old questions regarding the survivability of banks, at least as we know them today. A recent article in The Wall Street Journal seemed to dismiss this idea, suggesting that since ApplePay and PayPal operate on top of the established checking and credit card systems, bankers are likely to maintain their role as customers' trusted financial intermediary--provided they take the necessary steps to embrace change as they have in the past.

With new technologies roiling the way information is accumulated, transfigured, safeguarded and distributed, it is incumbent for today's marketers to understand the firehose-like gush of changes occurring in the financial markets/payments' area and help create a path forward for their companies and employees.

Below, are five key action items for inclusion in an ongoing marketing plan. But, first, it's important to discuss some fundamental dynamics affecting three key target markets:

* Retiring boomers.

* Gen X/millennials.

* Small businesses.

Boomers are approaching retirement and are focused on the complex constellation of wealth management issues. GenX/millennials are in early to mid-career and searching for innovative ways to minimize the "friction" of traditional banking system protocols and impositions while continually seeking new and smarter ways of doing things. And small business owners are increasingly overwhelmed with their own marketing imperatives, leaving little time for financial optimization.

With these three prototypical targets in mind, here are five key marketing strategies to consider for your bank:

1. Re-engineer Your Delivery System. With a growing preference by millennials and others for online, self-service, and mobile transaction services, a carefully planned reorientation of your delivery systems must occur. Research shows that nearly 40 percent of those aged 18 to 34 would bank at a financial institution with no branches. And, while this proportion drops to 16 percent among those over age 55, this preference for a do-it-yourself routine will continue to grow in the years ahead.

   This argues for a well-executed plan of redefining and likely reducing the number of branch locations while extending hours and amplifying the role of bankers in providing those high-value, consultative services that do not lend themselves to online self-service.

   Most bankers would agree this reorientation is obvious. What's less clear is exactly how this combination of...