4 Ways Banks and Credit Unions Can Stand Out to a Younger Generation

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4 Ways Banks and Credit Unions Can Stand Out to a Younger Generation

It’s imperative to the success of banks and credit unions in 2017 to cultivate new and younger customers.

According to Investopedia:

…younger investors – think the Generation X demographic (born in the 1960s and 1970s) and the Generation Y demographic (born in the 1980s and early 1990s) are set to overtake the Boomers in overall financial assets in the next decade. – How to Leverage Millennial Wealth By Brian O’Connell

Your financial institution can start with simple tactics like using Twitter and Facebook to deliver exceptional customer service.

But there’s so much more you can do. And, it doesn’t have to be a huge change or mean some new major marketing strategy.

More often than not, your existing marketing efforts can be tweaked or enhanced. We are happy to start the conversation with these four ideas to help you stand out.

4 Ways Banks and Credit Unions Can Stand Out to a Younger Generation

1. Mobile First

According to The Financial Brand, the number one required component for relationship building with Millennials is adopting a mobile first approach.

This demographic is tech savvy and tech dependent. Giving them access to as many of your products and services via a mobile device is a must for earning their business.

2. Life Events

Think about marketing products and services in terms of life events. How can your bank or credit union be helpful during these life stages?

How can you use social media to uncover questions and concerns that face a younger demographic and then turn the answers into blogs or FAQ answers?

Millennials are 44% more likely to trust an expert over an advertisement. Be the expert they need during these life events. 

3. Be Helpful, Not Pushy

According to a study by Viacom Media, the banking industry runs the highest risk of disruption. 53% of Millennials surveyed said they don’t think their bank offers anything different than a competitor.

Worse than that, 71% stated that they would rather visit the dentist than listening to what banks have to say. That’s tough to hear.  

Rather than push products and services, look for ways to offer comprehensive financial education on things that matter to them now. Relevant topics include

  • financing higher education
  • how to build a credit score
  • how to save for a mortgage down payment

In addition to being helpful, strive to be transparent. Explain fees, policies and make it easy to find this information. Hint, you can accomplish this via Step 1. 

4. Community First

It’s well-documented that Millennials support social causes and give both time and money to causes they care deeply about. Banks and credit unions that can highlight their corporate responsibility and social impact will stand out to younger generations.

Build trust with Millennials through cause marketing. Show how your financial institution is giving back to the community, what causes you support and, most importantly, demonstrate the organization in action.

 

Banks and credit unions need to convert a younger audience into loyal customers. Tackle this opportunity for growth with marketing that will make you stand out from your competition and appeal to your target audience.

 


For more, read:

3 Ways Financial Planners Can Stand Out to a Younger Generation
2 Ways Insurance Agents Can Stand Out to a Younger Generation
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About Author

Charity Stewart

Charity has spent the last 10 years using her marketing skills in a variety of roles including staff recruitment, tourism advertising, small business marketing and communications training. As account manager at Move Digital she actively uses digital media platforms to promote client’s brands and consistently engage their consumers. Originally from Wisconsin, Charity is the founder of a local book club, a Communication Arts Lecturer at UAHuntsville, proud pet owner and Space Camp Right Stuff winner.