A panel of ID industry experts provided predictions for 2005. One of these glimpses into the future will appear here each day during December.
2005 is going to be shaped by the last six months of 2004. Since the early summer, university and colleges are taking special care to involve students in their card program decisions and growth. Both are making sure to stay away from building relationships with financial entities that even remotely look like a business agreement.
The primary reason for adding a financial partner has historically been to benefit the students, faculty and staff. Students won’t accept less than that now.
With new web-based technologies, it is a very easy trap to try to only serve customers with clicks, instead of attending to them face-to-face. A viable mix of internet and branch banking will be demanded of a financial partner. Students are holding firm that they want to be able to choose the bank that can serve them best and the university must be careful with the selection of a partner.
Convenience, choice and individuality seem to be driving the charge issued by the students. Accordingly, universities and colleges will be accountable to maintain that trust.
Banks must look into their range of products and services for the ability to meet students on their terms and help them build fiscal responsibility. When banks develop a program that is based on the simple checking account of a student, they will earn the right to further meet the student’s needs, without putting the university in the middle of that relationship.
From the service side of the equation, financial partners will need to continue making investments into the community around campuses while growing to meet the increasing demands of the university. Simply stated, as universities grow the financial partner must be capable of matching that growth. As universities examine the demographics of their student base, the expectations on the financial institution to meet each diverse group will be a precedent.
2005 will be the year of the student…
Visit U.S. Bank on the web at www.usbank.com/studentchecking. ![[end]](/resources/bullet/archive-4.gif)
