Mobile Banking: Engaging a New Generation with Social Banking

Posted by on Sep 12, 2014 in Bank Innovation, Mobile Money | 0 comments

mobile banking The workforce is constantly evolving with Millennials fresh out of college and eager to make their mark on the world. As with every generation before them, they have their own lingo, their own career goals and even their own preferred technologies. Among these include mobile banking and the marketing of banking services via social media, and here’s why:

  • Over 50% of the workforce is comprised of Millennials. This tech-savvy group relies on social media, such as Facebook, Twitter, Pinterest and LinkedIn for everything from status updates to current events.
  • Social media marketing is efficient and green. Advertising costs add up quickly for banks, and  Millennials don’t respond well to traditional advertising anyway. With social media, its more targeted and green.
  • Social media is a fast way to engage customers. From Facebook posts to short tweets, it’s easy to engage customers and solicit feedback regarding products and services. This makes it easier for financial institutions to tailor their services and products to match their customers’ needs and desires.

Of course, engaging Millenials via social media and promoting everything from mobile banking to home loans isn’t as simple as creating a Facebook page and putting out posts. As with all marketing strategies, it needs to be done as part of a comprehensive plan. For best results, this strategy should include the following elements:

  • Vision - What are the goals of the posts? How will the posts be written and presented? What “mix” will be used to engage customers and encourage them to participate?
  • Measures - How will success be determined? What goals are to be achieved, and what metrics will be used to determine whether the social media strategy is effective?
  • Relevant Content - This is the most important – be interesting, informative, engaging, and relevant. If you can be entertaining at the same time, great.

It’s clear that Millennials are adapting to new technologies faster than any generation before them. Therefore, my unwavering view that businesses and banks actively seeking Millennials via social media and the promotion of mobile banking services will be well positioned for the future.

Image Source: freedigitalphotos

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