Over the past three months, through the Virginia Bankers Association, I have been given the opportunity to observe and partake in the banking industry. This complex industry engines the flourishing economy we all live in today. Within my time at Essex bank, the shared tasks and responsibilities have provided me with knowledge and experience towards the roles within a bank and how the overall bank functions. As I interacted with different departments, from retail to commercial lending, I have begun to understand how to provide financial inspiration through intriguingly unique experiences that educate and empower action. Moreover, I have also acquired a substantial amount of information that can expand the future of Essex bank. Being given the capstone topic of attracting the next generation as customers  has allowed me to view the bank through a different lens. Not only have I sought out promising ideas for the future, but I have also uncovered obstacles internally that can be addressed. Through research, interviews, and experience I am able to provide various strategies that may attract the next generation as customers. 

To begin with, I must identify what exactly is the meaning of the next generation. As most know, generations are grouped between birth years. People can associate themselves with those groups because of commonly shared experiences. As of today, there are four generations that exist: Baby Boomers, Gen X, Millennials, and Gen Z. The next generation that I am referring to are the later Millennials and Gen Z. Members of the Millennial generation are born between 1980 and 1994. Members of Gen Z are born between 1995 and 2015. The reason I say the later years of the Millennial generation is because those are the individuals who are closer in similarities with Gen Z. The two main causes of separation between the younger two generations versus the older two are technology and culture. It is proven that the top level positions within different corporations and industries are run by older generations. In an article written by Kari Barbis on the ABA Banking Journal she comments, “with the exception of the technology industry, you’ll be hard pressed to find a millennial—or, for that matter, Generation X—board director at most companies. Banks of all sizes fall into a similar trend, with only 16 percent having a director 40 or younger on their board, according to a recent survey by Bank Director magazine.”  Subsequently, in order to target the later years of Millennials and all of Gen Z, the Baby Boomers and Gen X must adopt the latest technological and cultural trends that are being introduced. Now since the background has been laid out, some strategies towards attracting the next generation as customers can be discussed. To attract Generation Z and Millennials as customers, my strategy will focus on three main categories: community, technology, and organizational structure. 

To start, What is the biggest advantage that a mid-size bank like Essex has over top tiered banks? The answer is in the name, Essex bank is a community bank therefore their best advantage is the community. The concept of smaller banks supporting towns and communities has been around for hundreds of years. These small banks are the reason families and businesses have been able to continue to thrive for centuries. As time goes by, and bigger banks evolve, there has been a shift from individuals banking at their local bank to larger, national banks. But how does a smaller bank, with less resources, attract those people back? In order to make this progression, Essex Bank needs to have a more significant impact within the community. It has been proven by the Pew Research Center that millennials and Gen Z’s are more social and value the extracurricular aspects of life. So, in order to affect these generations, why not have a bigger impact in their personal lives? Branding a company with community effort is much more cost efficient and genuine than traditional marketing tactics. That being said, I have come to understand that there are multiple volunteer efforts, such as Jean Friday, that encourages employees to donate to local charities. My point, is that the “community” is a community bank’s “x-factor,” and Essex should have a deeper presence. 

During my internship, I was able to spend time at three different locations: Deep Run, Winterfield, and West Broad. Surrounding these locations, are twenty-two schools to include elementary, middle, and high schools within a ten mile radius. Every student at these schools falls into the Gen Z category, so in order to attract them as customers, Essex should be more involved in school and community events. Small gestures such as donating to a school’s annual 5k race and having a small vendor, can make a difference. I do understand that it is each branch’s responsibility and choice determining what community outreach programs in which to participate. However, it is my opinion that there isn’t enough going on. The majority of adolescents are at the bank institution as their parents. By positively affecting the lives within the community at an early age, it will be easier to get entire households to bank with Essex. Simple benefits, such as a monetary incentive for opening a savings for anyone under the age of eighteen, can highly encourage parents to open up an account for their child. Having this savings account as a child can expand into a cash back checking once they enter the workforce. 

Building off of school involvement, it is extremely important that financial literacy is continued and improved within the youth and young adults. Kathrine Curtiss wrote an article on Global Citizen stating, “generationally speaking, the millennial generation is the hardest hit by their lack of financial knowledge-81% have long-term debt. This age group is also taking from their retirement accounts and overdrawing from their bank accounts to make ends meet.” Thanks to bank lobbying, a finance course is now required in Virginia state schools, but from research and talking to individuals who have experienced the course, these classes aren’t taken serious and hold no value to students. Community banks like Essex Bank should take initiative to strengthen the financial literacy programs over what the school systems currently provide. In theory, a more financially aware youth would lead to less debt as a young adult in the workforce. With more money to invest, then there will be more money under the bank’s control. This cycle produces a financially healthy community. 

Moving past the community aspect of banking, it is obvious to say the future of banking is in technology. Technology is a major focus for the younger two generations since they have known it their entire lives. Advancements with online banking, mobile banking, and e-statements have changed the consumer’s banking experience. We now see less use of “brick and mortar” and a heavy focus on technological innovation. Products such as safety deposit boxes are no longer as significant to customers. The America Banking Association (ABA) Bank Marketing released an article in 2017 explaining, “online and mobile banking continue to grow in popularity and together represent the primary banking channels for two-thirds of Americans, according to a new survey conducted by Morning Consult for the American Bankers Association.”  As a smaller community bank, it is challenging to develop technology versus a larger bank like BB&T. Nonetheless, it is vital that Essex Bank does its part to stay on top of the curve and not fall behind. Technology like Zelle, which allows individuals to transfer money to each other’s accounts replicating FinTech’s such as Venmo are becoming increasingly popular. Other features such as video calls on the online platforms to assist with customer problems can be useful. Online personalized financial management tools that analyzes payment histories and groups them into similar categories, allowing customers to develop savings plans are promising ideas. Moreover, when developing these accessories it is important that they are user friendly and compatible with a plethora of platforms to avoid customer problems. When designing the wide range compatibility, cyber security is a vital focus. At this point in time, the different ways hackers induce fraud can be extremely detrimental to both customers and the institution.

Another aspect of technology that is important to focus on is social media usage. Social media platforms such as Facebook, Twitter, LinkedIn, and Youtube are widely used between all generations. According to a research study report by Simon Kemp on We Are Social, “The number of people using the internet has surged over the past year, with more than one million people coming online for the first time each day since January 2018.” Of all generations, the Gen Z’s and Millennials are the most involved. If one were to pull up Essex Bank’s Twitter page, along with three other community bank pages, it would be almost identical. Essex Bank should stand out from the competition by tying back to the community presence approach. Sharing those genuine interactions to the world can continually spread the involvement of Essex Bank. A great example of showcasing involvement is Essex Bank’s Winterfield branch. Their Facebook page during the school year holds polls for followers to vote on. These followers determine the athlete of the week at James River High School. If more branch’s adopt this type of outreach, Essex Bank can stand out from the rest. Also, short financial literacy videos could be posted to continue to assist young professionals dealing with debt. A challenge Essex bank faces with developing effective content is strict regulations from organizations such as the Federal Deposit Insurance Corporation (FDIC). But one trending post can multiply views on Essex Bank’s social media platforms.

Lastly, the structure of retail banking is drastically changing in numerous ways. Many bank leaders believe that automated tellers and universal bankers are the future of banking. Automated tellers is an autonomous machine that will be able to handle basic transactional needs, while the universal banker can assist with financial problems. Today, we already see this emerging with the Capital One cafes. These cafes offer an experience that is both modern and efficient. For Essex Bank to take an approach like this, there would need to be a change in strategic focus going into the future.In rural areas, customers still value a face-to-face personal experience that they are unable to receive at larger institutions. In urban cities, there is a bigger demand for efficiency within the bank. An “Essex Bank cafe” wouldn’t be as effective in Louisa, VA as it would be in Annapolis, MD. Despite the challenges faced by younger generations not valuing brick and mortar, transacting large sums of money attracts the face-to-face interactions. To appeal to both older and younger generations, the design and layout of retail branches are evolving. The standing teller booths are transitioning to a more inviting, sit down interaction. Essex Bank has adopted this technique, but should push it out to more branches to create more uniformity. Younger generations like to feel welcomed and accepted, so when they do visit a branch, it is important that they value the experience. 

In conclusion, the future of Essex Bank is bright as the banking industry is innovating many new ideas. For the next generation to be attracted, a focus on community, technology, and organizational structure needs to be improved. A larger community involvement is both the responsibility of the community bank and its benefit. By creating, maintaining, and spreading valuable relationships Essex Bank will be able to effect the Millenials and Gen Z. Furthermore, by staying on top of the online and mobile advancements along with trends, Essex Bank will continue to expand.

Going into this course I had no idea what to expect for. The name Biology of Gender relations gave me the feeling that our class lessons would be based on how male and female interacted with each other. I was ignorant to many issues that different groups of people face all around the world today. Cultures within societies have somewhat developed what is considered normal or accepted and what is ostracized. But from sex to social class to gender identity, everyone doesn’t share the same ideas. I have come to understand that there needs to be a change in the way women and non traditional gender identities are treated in today’s society across the world.

The first thing that I learned was the difference between sex and gender. Sex is known as the internal reproductive organs ,external genitalia, and hormones. While gender is the social identification of an individual that can be influenced by biological characteristics. Knowing these two similar words having two different meanings changed my viewpoint on different things. I always assumed gender meant if you were a boy or a girl, not who you identify yourself as or what you’re attracted to. Realizing this I sort of fell into the category how people with non traditional genders are stereotyped. Our culture sets in place norms that we as a society should follow. A very simple example I learned was the association with the colors blue and pink. From birth a boy was given blue colored items while girls received pink. These newborn infants didn’t sit there and decide which color they wanted, instead our culture said what should happen.

Similarly our culture influenced by the biblical times says a man should be with a women. This theory is carried on today affecting those who choose not to follow these ideologies. Meaning transgenders, homosexuals, and other genders that aren’t heterosexual face levels of discrimination.  In the film Southern Comfort, Robert Eads was an older transgender male dying or ovarian cancer. During the time of this film in the 1990’s, the LGBT community was nowhere close to being as accepted now as they were then. This caused no one in the medical field being willing to treat his cancer due to being a transgender. The simple idea differences of some caused his death.

Similar to the treatment of the different genders, women have faced oppression for centuries. The most common kinship in cultures throughout time is patrilineal. This meant the family named flowed through the male and he was the head of the family. Leading up to the 21st century the man would be the source of income while the women was in charge of the household. A good example of a patrilineal culture are the Native Peoples in the Plains of North America. The men were in charge or hunting and trading while the women were caregivers and collected vegetation. Fast forward in to the 1900’s women were still usually stay at home wives in charge of raising the children while males went out into the workforce. Having such a late start in entering the economic world in my opinion is a reason for the gender gap today. Around the world, some women receive less access to work, equal pay, living wage, education and health care. The United States isn’t even at the top when in comes to best countries for  women to live. Here in America women, especially of color or minority groups, on average get paid lower salaries compared to their male counter parts. On top of that, women aren’t put in higher positions as much as males are. In developing countries women are likely to face sexual assault or domestic violence in their lifetime. They are even given away as child brides as a token of alliance between families.

Not only do women face obstacles in the economic world, but also in health care. Women face discriminace in access to health care, health insurance reimbursement, behavioral attitudes of medical personnel, and use of health care system. It is more expensive for health care in women even though their life expectancies are longer than males. Furthermore in underdeveloped countries women aren’t even accessible to the healthcare they need. In Kenya, during a women’s menstruation they don’t have products for bleeding such as tampons or maxi pads. Instead they are seen as unclean and are forced to bleed in their normal clothes while removing themselves from their daily activities.

In recognizing the problems so many are faced with today, it would be wrongful of me not to do anything towards making a change. No one should lose a life because they are transgender. A women shouldn’t be seen as impure because of something natural that comes once a month. Those with different gender identities and women need to be treated equally among the health and economic gap. There’s no reason that it being 2018, people aren’t receiving the necessary and fair treatment they need and deserve.

Southern Comfort is a film focused on the life of a transgender male named Robert Eads. This film became so popular because it exposed the truths and hardships of those that have nontraditional gender identity. In particular, Robert Eads was born as a female in as she became older knew she wasn’t living her true life. In result she underwent a total sex change making him an outcast to society. At this time of the 1990’s there was a whole different culture towards homosexuals and transgenders as they’re now.

The main focus of the film was to demonstrate the daily struggles ones who undergoes a sex change faces. Robert Eads had been diagnosed with ovarian cancer shortly after becoming a male. When changing genders itis important to constantly have checkup with a doctor to confirm nothing has gone wrong. But at the time with a hatred towards transgenders, Robert wasn’t able to receive the medical attention he needed. After calling dozens of doctors around nearby  areas he came to realize he would never get treatment for his cancer. This contradicts the term of southern comfort because instead of being kind and helpful everyone was full of hatred. Not only did the medical community ostracize Robert but also his own family. Robert’s parents didn’t agree with their daughter becoming a male so they slowly exited out of his life barely visiting him. This created a difference between biological and non-biological family. His biological parents were no longer there for him but his friends facing the same obstacles became his family in a sense.

From this film I have learned that mere ideas on what should be accepted isn’t the most important thing in life. A person shouldn’t have to die just because other’s ideas differ from his. Never should one be denied medical attention resulting in their death. Transgender men and  women need check ups after their surgeries. I have also learned that family isn’t only defined by blood. Real family are the ones who are there for you when you need it the most.

A big part to being a woman is going through menstruation. This is a monthly occurrence of two cycles that work together the ovarian and uterine. The ovarian cycle is the development and release of an egg and hormones. The uterine cycle is the build-up and breakdown of the endometrium of the uterus. The end of the menstrual cycle happens during menopause when a woman reaches 45-55 years of age. The only way to avoid the tribulations of a menstrual cycle is pregnancy. These tribulations include PMS or premenstrual syndrome that can cause fatigue, breast tenderness, irritability, mood swings, anxiety, and migraines. On top of that is the vaginial bleeding which results in the need for products such as tampons or maxi pads.

In other cultures and countries besides our in America, menstruation can be handled differently. For example, the Apache celebrates menstruation as the rite of passage from a girl becoming a women. The soon to be Apache women completes a for day journey expressing the movement during the four stages of life: infant, child, adolescent, and adult. These four days consists of little sleep and food but once completed the woman are embraced. On the other hand, some cultures don’t embrace the menstrual cycle of woman. In Daba of Kenya, a woman’s period in considered impure and unclean. They are forced to step away from the livestock and their husbands. Most don’t even know they’re sanitary products for period bleeding. Instead they just wear their normal panties. This case is similar to Nepal where women are forced to leave their homes all together and stay in designated structures while on their period.

I have come to understand their is a very big difference in views of menstruation around the world. Here in the United States, we have developed a sort of nonchalant culture. For instance, a guy would just associate a woman’s period with her being moody and hungry for a couple days. There is no real thought behind it other than a young female now being able to become pregnant. We fail to realize that woman in underdeveloped countries aren’t getting adequate health care. A woman shouldn’t be outcasted and not have reliable sources when something natural like this happens. I feel we should work on getting education and healthcare spread outside of the United States.

The act of circumcisions have been around since biblical times. From then to current day, it has become for females and especially males to get circumcised. Circumcision is the removal of foreskin on males and external genitalia on women. The motives for conducting these painfuls acts range from religion to health to reaching adulthood. Cultures around the world all have their different reasons and conduct these circumcisions at different points in a person’s life.

In the United States, the act of circumcision is common due to health practices. It has been found that keeping the foreskin from birth can later associate with infections and asseciability to sexully transmitted diseases. Traditionally, circumcision started within religion as Abraham used that as a covenant with God. In Western cultures, this occurs at birth for the majority of males. On the contrary, in underdeveloped lands such as cultures in Africa, circumcision is held off till later in a male’s life. They use it as a ceremonial act in the transition from a boy to a man. It is harmful in these situations because they are at risk for catching infections during the healing process.

Female circumcisions differ from men in a couple different ways, mainly it being not as common. Only estimated 2 million girls undergo circumcision and most occur in Africa. Unlike the foreskin on males, external genitalia don’t necessarily have to be removed to help protect against infections and sexually transmitted diseases. The main practice of female genitalia cutting is used for cultural reasons. In Africa when a girl’s fruit (clitoris) is ripe she gets it removed expressing her becoming a women. Unlike the men in Africa, this happens to girls at younger ages. They believe women’s sexual desires are now under control with the female circumcision.

Around the world current day, men and women aren’t equally represented in the health industry. Being the 21st century and how advanced our society is, one would think there isn’t a gender health gap. Sadly in poorer countries and even the United States, women don’t receive adequate enough health care. Even with health expectancy of women being 5 times higher than men, women’s health care is still higher in all categories.

The gender differences between men and women vary from behavior to life experience. Women face discriminace in access to health care, health insurance reimbursement, behavioral attitudes of medical personnel, and use of health care system. In cardiovascular diseases,women are more probable of having a stroke and more consequence related to atrial fibrillation. They are also diagnosed more with anxiety disorders, depression, and trauma-related stress disorders. Essentially, women face a plethora amounts of different health problems. Statistics show that women are the health care gatekeepers for their family. This means when a child is sick, the mother is the one to schedule appointments and take of work to bring her child to the doctor.

In today’s world we still face a global gender gap meaning men and women aren’t fully equal. Women face various gender inequalities depending on what country they live in. Some women receive less access to work, equal pay, living wage, education and health care. Also they are often times misrepresented in political or economic decision makings. There is a level of difficulty for women to reach the same economic and social level as their male counter parts. The top three countries for a women to live are Iceland, Norway, and Finland. The three lowest places for a women to live are Yemen, Pakistan, and Syria. These rankings are based on economic opportunity, educational attainment, health, and political empowerment.

It may be surprising to notice the United States isn’t in the top ten countries of the gender global gap. In fact our country is ranked number 49 in the world. We are one of the few countries that doesn’t offer paid maternity leave for mothers. Maternal mortality rates have also been increasing reaching 17.3 deaths per 100,000 live birth in 2013. This makes the U.S. maternal mortality rate among the highest members of the O.E.C.D. Besides maternity, women in the U.S. faces many more issues. These issues include domestic violence cases, health disparities, and a pay gap. 85% of women has experienced violence with an intimate partner while it is only 15% for men. According to the new U.S. survey, at least 81% of women has faced some type of sexual harassment during their lifetime. These harassments range from unwelcome sexual touching to being physically followed. Even with women continually obtaining higher paid jobs, women as a whole continue to work in lower-paying occupations. Now the question is, what can be done to improve the United State’s rankings? My answer is to educate the youth on domestic violence and create job opportunities for the growing generations of women.

Outside of the United States, women face even greater obstacles and discrimination from their cultures. Sexual harassment, assault, and rape are feared in underdeveloped and developing countries. The United Nations found 1 in 10 girls were forced to have sex. More than 1 in 3 has admitted to experiencing physical violence in their lifetime. A women in India was brutally beaten for being caught outside late with a male friend. 60% of vitriolage acid attacks in Bangladesh, cambodia, and India are women. Women are looked at as inferior to men and boys are the hoped for offspring. When a family does have a girl, she is most likely going to grow up being in charge of household activities. This is especially common in arranged marriages where young daughter are child brides to family friends. With so many dangerous possible outcomes, it is hard for women in lower ranking countries to take a stand for gender gap change.

As history has progressed, the cultures within different societies have carried various relationships with genders. We have come to classify these cultures with three main kinships: matrilineal, patrilineal, and bilateral. Matrilineal traces descent through the female line, patrilineal through the male line, and bilateral depicts equality between both. Factors such as modes of production and social organization work side by side with kinship to shape a culture.

A good example of a patrilineal culture are the Native Peoples in the Plains of North America. This was a pastoral and horticultural society led by men in the households. Men were responsible for hunting while women were in charge of gathering wild vegetation and domestic tasks such as child care. These interdependent households provided their families with basic supplies through productive labor. Women’s role increased with the expansion of trade due to European contact. Now women not only took care of the responsibilities at home, but also prepared meet for the market. The men would then go on journeys transporting the goods. Women became adjunct workers in a trade economy. Nonetheless, men were still in charge on a daily basis and carried the family name.

On the other end, the Mosuo of China also known as the Kingdom of daughters, demonstrates a matrilineal culture. Generations follow their mother surnames and each household consists of  their mother’s brothers and sisters. The sisters of the birth mother are all considered mothers to the children. Women make decisions for themselves without having to consult with their husbands. The lack of possessiveness in male-female relationships has resulted in less orphans, widows, and crimes. This society differs from the Native Peoples of the North American Plains in that women are given more freedom and jurisdiction.

Throughout the development of cultures, we have come to learn the importance of respecting one another’s ideas and practices . Having a sense of respect for others in your society allows cohesion and constant progression. A key part of this idea of respect is to embrace the different genders that are within our world and what orientation comes along with it. Many are ignorant towards the difference between sex and gender. We have come to learn in Bio-218x that sex is the anatomic and physiological characteristics that differ between human males and females. Furthermore, it is based on external genitalia, chromosomes, hormones, and internal reproductive organs. On the contrary, gender is the social identification of an individual as a male or female that can be influenced by biological characteristics.

Gender is broken down into three subcategories: psychological, social, and behavioral. Gender identity or the internal sense of being a boy or girl falls under psychological. This gender can change from the one assigned at birth which is known as gender dysphoria. Socially, gender roles are beliefs based on male and females defined by cultures within a society. Lastly, one’s gender expression is associated with behavioral, meaning how appearance and action reflects an identity. Social expectations guided by western culture has created expectations and norms that oftentimes conflict with non traditional genders. There are stereotypes towards binary view of gender, clothing, physical appearance, occupations, attributes, and heterosexuality. As soon as you entered this world, without knowing it you have been affected by socialization. If you were a boy you were given blue clothes and vice versa if you were a girl you were given pink. As a newborn baby you didn’t ask for these things, but our culture says that is what should occur. This essentially means as a whole we determine what expectations should be met.

With sets of expectations put in place for each sex, stereotypes and double standards are consequently created. For example if a female is emotional and shows her feelings then she is just being a typical girl. But on the other end, if a male is in touch with his emotional side he is seen as soft or feminine. Or if a boy has relations with numerous woman he’s a player, but if a girl has relations with numerous men then she’s a slut. This infers there is gender binary associating certain characteristics with certain genders. When a person is potentially outside of the gender binary they can be ostracized. This introduces the third gender which is neither solely man nor women. Today we have way more than two genders to help classify everyone which includes transgender and genderqueer. In 2009 Pakistan adopted a third gender or “khawaha saras” to national identity cards.

The Kathoeys of Thailand are a good example of the third gender in society. Most of the Kathoeys are intersex meaning they were born with both male and female genitalia. Some pursue to get plastic surgery and hormones to fully become a woman but that isn’t the case for all. The Thai culture embraces these “ladyboys” with many of them performing in shows. These shows grabbed the attention from a wide variety of tourists around the world. This adds to the list of places where people who defy gender norms can go to escape their discrimination.