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Many of the changes happening in banking today have been designed to embrace the Millennial generation. However, two-thirds of all banking deposits in the U.S. are held by the Greatest Generation/Silent Generation and Baby Boomers. And things are expected to remain that way until 2030, according to American Banker.

One corporate financial institution has even changed its retail operations to make its establishment look and feel more like a coffee shop. But here at Louisiana-based Merchants & Farmers Bank, having a cup of coffee with your banker has always been a part of the environment.

So, just what do each of these generations expect in banking? Here's an overview of them and how Merchants and Farmers meets your needs:

The Greatest Generation Born before 1928 • The Silent Generation Born 1920-1945

Civic and traditionally minded, these groups are loyal.

Perhaps more than anything, these generations are defined by their historic perspectives. Knowing that their financial institutions are protected by the Federal Deposit Insurance Corporation (FDIC) is extremely important to them given their memories or awareness of the Great Depression. Merchants and Farmers offers traditional checking accounts and Certificates of Deposit. These go-to products and a traditional banking environment are preferred by these generations and are a mainstay at Merchants and Farmers.

Baby Boomers Born 1946-1964

They earn almost half of all income in the U.S.

Like the Greatest Generation, Baby Boomers have been known for their loyalty to one financial institution, with more than 50 percent of them having never made the switch to another bank. But many of them are becoming increasingly interested in social media platforms (thanks to grandkids) and are embracing new technology at a rapid pace. Banking services for them include loans for home renovations or even those for starting businesses. Whether it's Merchants and Farmers' online bill pay services or debit cards which are growing favorites of this generation, we offer everything a Boomer needs—even if some of them still prefer to actually walk into a bank or use the drive-thru because they want to "keep it real."

Generation X Born 1965-1980 • Millennials Born 1981-2000

Early adopters who are super savvy and rate convenience high and interaction low.

This group, who grew up strapped into mini vans on their way to play dates, have behaviors that are contrary to most Baby Boomer behaviors and attitudes. For them, lifestyle is primary rather than career. They are considered to be influencers and are extremely interested in social causes. Electronic technology is second nature to them and is expected in most every situation. They prefer all of their banking in a digital format: mobile check deposits, online bill pay, and access to accounts within an app. Merchants and Farmers offers these features and more. Our Freedom Check account lets users control their debit card within an app that includes on/off card controls, vendor restrictions, and transaction text alerts. Like these generations, Merchants and Farmers is always looking for ways to make banking more convenient.

Generation Z Born 1997 and afterward

Show signs of being focused on individuality and ethics.

Although we're still learning about this group, we do know that Wi-Fi has always existed for these Americans born into the age of technology dependency. According to Adweek, they get all of their news through social media. Ironically, this group appreciates human interaction—within their context. Rather than sending a text, they prefer to use Facetime (typing a text takes too long). This instant gratification carries over into their banking preferences. Merchants and Farmers agrees that you shouldn't have to wait when it comes to banking, so we provide Instant Issue Debit Cards. When you open a new account at Merchants and Farmers Bank, you'll walk out with your new debit card in hand. Even if lost or stolen we can replace it instantly at any of our eight locations, because Merchants and Farmers keeps pace with this generation.

We remain fascinated by the generations here at Merchants & Farmers Bank and have worked to incorporate new technologies into everything we do. In fact, we were one of the first banks in Louisiana to develop a website in the early 1990s. Since that time, we've added online bill payment functions, remote deposit capture for businesses, mobile banking and check deposits for consumers, and debit cards that offer maximum security functions and free world-wide use—all while maximizing our security at every stage.

What's the next new banking technology? We have some ideas, but we'd love to hear from you about your needs and where other consumer needs are headed. Whatever it is, we'll remain loyal, focused on security, innovative, and still working hard at "keeping it real."

Come by for a cup of coffee!

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