How do credit unions and banks reach the Millennial Generation with financial products and services?
That is a burning question financial institutions have asked—and will continue to ask—for years.
- Most (67%) of Millennials are interested in learning more about finance
- Nearly half (48%) watch personal finance video content
- Most (82%) consume financial content via their phones
- A large percentage (37%) are interested in live-streaming finance events
John Piontkowski, Vice President & Industry Lead (Finance) for Yahoo, says, “Millennials are digital-first consumers, which means they’re not just reading articles but watching video content on multiple devices. Financial brands need to keep this in mind and develop content that is optimized across screens.”
So from a practical standpoint, what tips does this information yield when offering financial products and services to those in the Millennial Generation. Credit unions and banks must:
- Make video a core medium—In too many financial institutions video is just an afterthought. We focus all our time, creative and copy on “traditional” mechanisms (e-mail, newsletters, in-branch posters, etc.) and may do video as an “add-on” or last minute feature. But the study shows that Millennials are consuming finance content via video. Think of all the financial literacy material you have and answer this question: how much of it is in video format?
- Make all marketing material mobile friendly—The numbers don’t lie: 82% of Millennials are consuming that financial content via their smartphones. Content optimized for mobile means short bites of information, easy to read on the small screen and highly scrollable. Think of your marketing pieces and answer this question: how easy is it to see on a smartphone?
- Focus on key life events—Notice that the study talked about finances (and Millennials viewed finances) in terms of “finance events.” In other words, it’s not about conducting a transaction or getting a loan for this generation. It’s about having an event or experience. Going to college, buying their first car, starting a job, owning a home, etc. are financial happenings and big deals. So make sure you are capturing these moments in your members’ or customers’ lives. For example, you could have them video those experiences and talk about how those moments were possible because of your financial institution. Think of your recent marketing campaigns and answer this question: how much of it was promoting a life stage event rather than a product?
The Millennial Generation is different. We are therefore going to have to adapt how we reach them with our financial products and services. As Piontkowski notes, “Marketers that spend time understanding millennials and their preferences will be able to build better campaigns that drive awareness and loyalty.”
For a complete copy of the study, click here.