Marketing Insight: The Next Generation |
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Reaching & Engaging the Next Generation of
Financial Institution Customers
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Secure your future! Tap into the next generation of bank and credit union customers, Gen-Z and millennials. These generations are at the pinnacle of making major financial decisions regarding housing, education, and setting up long-term retirement plans. With their rapid growth in the marketplace and increasing needs, they are the key to your institution's financial security and development. Learn more about attracting, retaining, & nurturing this audience in this month's Marketing Insight!
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Why is This Audience Important? |
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Both Gen-Z and millennials are well-versed in technology and have a combined spending power of nearly $3 trillion in the United States. These generations can provide financial security for the institution’s future and push further technological development with their willingness to adopt new technologies. While beneficial, reaching and engaging younger generations for many financial institutions is a significant pain point with the average credit union member aged 47 and the average direct bank customer aged 53. However, accessing this spending power can be achievable with the proper methods for attracting, retaining, & nurturing this audience.
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Where Can This Audience Be Reached? |
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Social media and video advertising are essential methods of reaching younger generations, as proven through their consistent smartphone usage on these channels. |
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OTT Media Streaming Services. Video advertising through social media and popular streaming or OTT Media services such as Netflix, Hulu, or HBO Max is a great way to reach this audience. Both millennials and Gen-Z claim that streaming TV and movies is also their top weekly activity, with 92% of Gen-Z claiming to watch content through a streaming service weekly and 89% of millennials doing the same. This consistent access to these platforms will only increase during the winter months and holiday season as more time is spent indoors with friends and family.
Top Social Media Networks. The most popular social media platforms among younger generations are YouTube, Instagram, and Snapchat. In addition, most millennials can be reached on Facebook, whereas TikTok continues to grow exponentially, earning an audience consisting of both generations. Organizations should regularly publish paid and organic content to fully utilize these platforms to establish the institution as a reputable source and attract increased user engagement.
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What Engages this Audience? |
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Accessibility is essential to engaging with and meeting the needs of younger generations, as they are always on the go, constantly interacting with technology, and seeking the easiest ways to learn new things. |
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Access to Nationwide ATMs. Being part of a nationwide ATM network provides these customers access to their money without fees anytime, anywhere. These networks can vary in size, giving access to upwards of 60,000 surcharge-free ATMs nationwide.
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Digital Banking Services. Offer the latest digital services such as online banking, mobile banking, bill pay, card controls, and more so they can handle their finances anywhere, anytime. In addition, P2P payment services such as Zelle® allow for secure and fast payments made to friends and family, perfect for nights out or splitting expenses with roommates.
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Educational Content. These generations are at the pinnacle of making major financial decisions regarding housing, education, and setting up retirement plans. Providing educational materials such as webinars, blogs, and financial calculators in these areas will help them reach their financial goals and create customer loyalty that will span their lifetime financial journey.
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Ready to reach and engage the next generation of customers? Reach out to Strategis, your full-service marketing agency, so we can discuss the next steps for reaching and engaging the generation.
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Check Out These Other Marketing Insights! |
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A Guide to Snapchat Advertising
Snapchat’s audience has more buying power than you’d expect and, when compared to other social networks, has unique opportunities for engagement. Check out this guide to learn more about the capabilities and benefits of using Snapchat’s advertising platform.
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The Rise of Over-the-Top Media (OTT)
Looking for a new media advertising strategy? For advertising and media executives, (OTT) streaming services have grown into a land of opportunity for all types of organizations. Learn more about taking advantage of this opportunity today.
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