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Could Generational Change Be The Next Wild Card For Financial Services? | PYMNTS.com

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Could Generational Change Be The Next Wild Card For Financial Services? | PYMNTS.com

Cultivating a culture of adaptability positions firms to thrive despite economic wild cards, Franklin Madison Chief Financial Officer Preston Porter writes in a new PYMNTS eBook, “Beyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.”

 

Has unpredictability become the new normal? Stock market fluctuations, shifting consumer behavior and rising unemployment are coming together to create a complex operating environment. Some might call it a perfect storm.

Others might see it as a challenge — the kind that breeds resilience and illuminates opportunities for change.

What to Prepare for as We Wrap Up 2024

As a provider of insurance programs to banks and credit unions, we’re always looking ahead. We’re keeping our eyes out for any market changes that might make waves for insurance and financial institutions.

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One topic that’s been hotly debated since the pandemic is the possibility of a recession. Even if we aren’t officially in a recession, consumer perception of the economy matters. Right now, as many as 3 in 5 Americans think the U.S. is in a recession. A perceived recession, coupled with stressors like volatility in the S&P 500 and increased unemployment, can cause spending to take a hit.

Economic Factors to Watch

Interest rates: Rising rates have increased the cost of debt over the last few years, pumping the brakes on home and auto loans and traditional revenue streams for financial institutions. Though the Fed recently signaled a rate decrease, it is unlikely to result in material changes in lending markets. Now, there’s more focus on generating non-interest income. For Franklin Madison, the need for non-interest income creates opportunity since financial institutions have a greater appreciation for insurance commissions generated from our programs to replace lost income.

Inflation: The costs associated with the direct mail marketing of our programs — paper, ink and postage — have increased by more than 30% over the last three years. Addressing this wild card continually requires cost management and innovation. Successfully integrating a full-suite digital platform with our direct mail has enabled us to produce better results while keeping costs down as we see inflation return to historical norms.

Unemployment: Though the unemployment rate has risen to over 4% from historical lows, it’s unclear if the trend will continue. Increased unemployment typically is a lagging indicator of a looming recession. Insurance and protection products tend to be in high demand during times of uncertainty.

Along with shifts in the economy, we’re also tracking consumer behavior:

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Generational needs: Credit unions have seen generational needs changing as members age and younger people look for new solutions. For us, this creates an opportunity to help credit unions become more member-centric by offering in-demand products. As a recent PYMNTS Intelligence report found, 44% of consumers want to buy insurance products from their financial institution. 

Introducing new insurance products can speak to generational needs, as well as life circumstances. We now offer an entire suite of supplemental insurance, including products such as cyber insurance, to address emerging risks like cyberattacks.

Flexibility: Our Key to Navigating Wildcards

There’s no doubt that things change fast in our industry. We stay flexible in choosing the insurance carriers we work with and the products we provide. We also adapt by leveraging AI to create consumer-centric solutions. Our flexibility comes from the top down and extends to our diverse workforce, cultivating a company-wide culture of adaptability. This approach positions us to thrive, no matter the wild cards that come our way.

Finance

Key Equipment Finance Adds Foley to Bank Channel Team in Chicago

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Key Equipment Finance Adds Foley to Bank Channel Team in Chicago

Key Equipment Finance, a division of KeyBank, appointed Meghan Foley senior equipment finance officer on its bank channel team in Chicago.

In this role, Foley will support growth initiatives, strengthen client relationships and expand the delivery of equipment finance solutions across Chicago and the surrounding markets.

Foley brings more than 25 years of experience in equipment finance and commercial banking. She has a proven track record of originating, structuring and closing complex transactions across industries such as manufacturing, healthcare, food processing, distribution and business services.

Most recently, Foley served as director of equipment finance at BMO Commercial Bank, where she partnered with commercial banking teams and financial sponsors to deliver customized financing solutions. She previously spent nearly a decade with Key Equipment Finance, where she earned recognition as a top performer, including Pinnacle Club and Golden Key awards.

“Meghan brings a unique combination of deep industry expertise, long-standing client relationships, and a strong understanding of our platform,” Kathy Havlik, senior vice president, regional sales director, Central and East at Key Equipment Finance, said. “Her return to Key strengthens our ability to deliver tailored equipment finance solutions and accelerate growth across the Chicago market.”

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Foley holds a bachelor of business administration in accounting from the University of Notre Dame.

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Study shows that Florida and Georgia rank among top states where people search for financial help

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Study shows that Florida and Georgia rank among top states where people search for financial help

Are you financially stressed? A new study by Coinfully.com, which analyzed Google searches tied to money worries, found Florida and Georgia rank among the top states where people are searching for help.

The study tracked more than 150 financial-stress-related terms people look up online—phrases like “debt help,” “cheap car insurance,” “rent help,” “cash advance,” and “how to get out of debt.” The states with the highest search activity included Louisiana, Texas, Florida, Georgia, and Alabama.

Florida ranked third, averaging 424,507 searches per month, which comes out to about 1,877 searches per 100,000 residents. Georgia ranked fourth with 201,088 average monthly searches, or about 1,823 searches per 100,000 residents.

To see how those findings resonate locally, we spoke with people in our area. One parent told us they have searched for financial help “because I have been very broke.”

A college student said keeping up with rent is a constant struggle with only a part-time, minimum-wage job. Another person said they’ve changed spending habits—like choosing the lowest-priced items whenever possible—just to stay ahead.

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For people feeling that financial pressure, local organizations may be able to help. Catholic Charities says it assists with essentials like food, rent support, and even help for people behind on their JEA bill.

The group said requests have increased significantly, including from people who have never needed assistance before. And while housing costs were a major driver a year or two ago, they say the need has broadened—more people are struggling with groceries, gas, and other everyday expenses.

Hear more of what Regional Director Eileen Seuter says Catholic Charities can provide for people needing emergency help.

Top Local Resources in Jacksonville

  • Downtown Emergency Services (DESC): Located downtown in the First Presbyterian Church basement, this organization offers direct emergency financial assistance, case management, and a food pantry.
  • City of Jacksonville Emergency Financial Assistance: The city’s Parks, Recreation and Community Services department offers the Emergency Financial Assistance Program. You can call their social services line for help with rent, utilities, and other urgent needs.
  • JEA Hardship Programs: If you are behind on your electric or water bill, JEA can connect you with local Community Resources to assist with utilities, food, and housing.
  • Catholic Charities Bureau: Offers free assistance to people in need, regardless of faith, including help with unpaid rent and utility bills. You can reach out via Catholic Charities Instagram page.

County & State-Wide Programs

  • 211 United Way: Calling 2-1-1 or visiting the United Way 211 site connects you to a local specialist who has real-time data on bill-paying resources in Duval County.

Mental Health Support

Financial stress takes a heavy toll on mental well-being. NAMI Jacksonville provides free support groups, education, and outreach programs to help individuals and families. You can reach out to them via their local helpline at (904) 323-4723 or by dialing 9-8-8 for immediate crisis care.

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For a broader, searchable directory of other localized charities and government programs, you can filter by zip code on FindHelp.org.

If you are located in or moving your focus to Southeast Georgia, extensive regional networks offer free financial counseling, emergency bill assistance, and crisis relief.

Region-Wide Crisis Resolution

  • Georgia 211 Helpline: Dial 211 from any phone to reach the United Ways of Georgia 211 Service. Specialists connect callers in the Coastal Empire and Southern regions to local food, housing, and utility funds.

Local Community Action Agencies

These organizations handle the Low-Income Home Energy Assistance Program (LIHEAP), emergency rental assistance, and financial literacy programs. Reach the agency managing your specific county:

  • Coastal Georgia Area Community Action Authority: Serves Glynn, Camden, McIntosh, and surrounding coastal counties. Contact the main office in Brunswick at (912) 264-3281 or explore services through the Coastal Georgia Area CAA Portal.
  • Action Pact: Serves inland Southeast Georgia counties (including Ware, Pierce, and Brantley). Reach the Waycross headquarters at (912) 285-6083 or look up local clinic sites on Action Pact Online.

State and Utility Support Programs

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New global framework launched to help financial firms make transition plans

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New global framework launched to help financial firms make transition plans

Photo by Statkraft

The International Organisation for Standardisation (ISO) has published a new framework aimed at helping financial institutions make credible plans to work towards the net zero transition.

The new voluntary standard for sustainable finance – ISO 32212 – includes guidelines for strategic transition planning by banking, insurance and investment institutions.

“The requirements and recommendations are designed to enable financial institutions to develop and maintain transition planning objectives and targets that advance the temperature and resilience goals of the Paris Agreement, and establish robust policies and processes to integrate these into their financial activities,” the ISO said.

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ISO said the framework encourages institutions to assess climate-related impacts and dependencies associated with their activities, and to develop objectives and targets to better manage risks and opportunities. It includes guidelines on monitoring and reporting internally and externally, and on establishing guardrails and controls to ensure transition planning is credible.

A new report shows that the world’s biggest banks increased their funding to fossil fuel companies by 8% in 2025, although some, particularly in Europe, are cutting financing due to climate risk concerns and regulation.

The UK’s national standards agency, the BSI, welcomed the new ISO framework, noting that it had input from a broad coalition including representatives of finance sector organisations and experts from national standards bodies from around the world. 

“The framework will help institutions move from ambition to implementation through transparent and credible transition planning. We encourage financial institutions worldwide to pick up the standard, benefit their businesses and support the global adoption of credible transition planning,” said Scott Steedman, BSI director general of standards.

The BSI said research shows that 91% of UK businesses want help to accelerate their transition, with a focus on financial incentives and practical, skills-based guidance.

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Sara Hall, co-executive director at advocacy group Positive Money, welcomed the new standards but said regulation had to be made binding, especially given the departure of many US banks from voluntary initiatives like the Net Zero Banking Alliance (NZBA) since Donald Trump became US President.

“Private financial institutions are not changing their behaviour at the scale or speed necessary to meet global climate targets,” Hall said. 

Any measures short of mandatory simply won’t cut it. That’s why binding regulation and supervisory standards enforced by central banks and financial regulators at the national level, with penalisation for transgression, are vital to drive transition”.

The European Union has removed the obligation for companies to adopt a climate transition plan under revisions to the corporate sustainability due diligence directive (CSDDD). However, companies still need to submit a transition plan under the corporate sustainability reporting directive (CSRD).

Only 41% of EU banks had published their transition plans in 2024, despite being required to do so, while very few have a Paris-aligned pathway, according to a report from Finance Watch.

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This page was last updated June 12, 2026

Written by

Emma Thomasson author photo

Emma Thomasson is a British journalist, consultant and trainer based in Berlin. She is an expert in economics, politics, business and technology. She previously worked for Reuters as a correspondent and bureau chief in Germany, Switzerland, the Netherlands, South Africa and the UK.

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