131

Everything is digitally available, and there’s no doubt that the millennials and the Gen Z is digitally active. Covid was a surprise for the entire world, and it brought many things online; the entire digital world we knew before, got transformed! 

Millennials are surmounting the baby boomers in their spending, earnings as well as investments, etc. and when marketing strategies are developed, banks need to keep in mind the Millennial banking habits; as they bring in new demographic, cultural as well as new technological challenges. 


Down below are a few banking marketing approaches that will not only attract the Millennials but also the Gen Z at quiet an early age: 

1. Focusing on Relationship Building: 

Humanising the products will help in connecting with the youth easily. Gone are the days when same type of marketing gimmicks can attract the customers. Millennials can be distrustful towards banking policies, or loyalty programs like the previous generations. 

Basically, what millennials want is a significant efforts to build relationship on a human level; which can be achieved by having a transparency while operating, and consistently offering values.


2. Focusing on Financial Education:

Young generation is often misguided when it comes to financial education. Our educational institution can teach you how to be a great engineer, or doctor, or a chef but no one teaches how to manage your finances, or which bonds to invest in, etc. 

Banks can help in filling these educational gaps by providing helpful information, which will give the younger generation a basic idea to manage their wealth smartly. For example, millennials often look for a guidebook or some kind of tutorials; so proving such information for a person who is looking to invest for the first time.


3. Building a Strong Digital Presence: 

Be it social media, mobile banking or website, each of the platforms needs to have a strong digital marketing strategies to attract the younger generation. 

Millennials are searching online before walking into a store, and many of them are looking only for an online presence from the comfort of their couches. Understanding these basic banking habits of the millennials and creating a social media presence, an app as well as website, with of course a blog section, will help you gain a broader section of younger generation than it is having now! 


Millennials are an important generation for the boost of financial industry, establishing a strong bond with them both personally as well as digitally will benefit both the parties.

[zombify_post]


Like it? Share with your friends!

131

Shruti T