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July 16, 2015 Social Media

4 Smart ways to get millennials to give you their money

4 Smart Ways To Get Millennials To Call You Their Favorite Bank

Let’s face it!

The millennials are taking over. This group of teens to almost 30 some-things is becoming the centre of attention for most brands across the board. And it is extremely important for banks to jump on to the millennial wooing bandwagon simply because few years down the line, they will mostly come into familial inheritance.

Over time, these young folks will surely be on the banks’ radars whether professionally or due to inheritances. The difference in behaviour and decision making displayed by the millennials as opposed to generations before them makes it crucial for banks to know their new customers and bring banks and finances to them in a manner they ‘get’.

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Social media today has undoubtedly grown beyond what we once imagined. And it is inclining rapidly towards user friendly apps. Take multi-social payment apps like Ping Pay that lets you transfer money and recharge your phone through whatsapp, Facebook and Twitter such apps  fascinate millennials today. Another new way of paying bills or shopping without any trouble is by using E-wallets or digital wallets. This is the new fad and trust us, it’s going to stay around for long.

But take the connection beyond online:

At the end of the day, yours is still a bank and you need face to face contact. While a lot can be addressed and resolved online, one must not forget that technology cannot be used for everything.

Enable decisions with information:

Millennials believe in making their own decision after doing their research. Banks can play an important role here by providing them with the right information that they need to determine what works for them. In this way, you can establish brand loyalty and lay the foundation for a long relationship.

Stand out:

What is the differentiating factor that sets your bank apart?

Answer this question with the best mix keeping with your ideologies without seeming artificial and at the same time, striking a chord with the new generation. They are looking for something they would like to be associated with and it is your choice to decide how you are going to be just that.

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