Financial marketers are obsessed with millennials, but millennials aren't too fond of banks. A new infographic from Facebook IQ revealed that 44 percent of millennials feel like their bank doesn't understand them, and 36 percent go so far as to "describe their current bank in unflattering terms." (Press the frowning emoji.)
This can read like a problem, but it is also an opportunity. With 45 percent of millennials ready to switch banks, financial institutions are in a position to persuade them to change.
What can savvy banks do to reach young consumers? For starters, keep in mind that almost half of the younger generation prefer mobile banking. I'm a young adult and I use my phone to check my bank balance, deposit checks and watch my savings account grow. If I had to navigate a confusing website or visit a branch every time I wanted to make a transaction, I would start keeping my money under my mattress.
Millennials are also looking for financial guidance for how much money they may or may not keep under the mattress; Surprisingly, 40 percent of all financial conversations happen on Facebook. As a result, financial services companies that publish useful and simple content have the best chance of building trust with millennials. Look no further than Mint, the personal finance service that has grown its user base mine to 10 a big part of a million to a small blog that offers great content.
To learn more about how banks can appeal to the coveted year-old demographic, check out the full infographic from Facebook IQ.
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