Millennials have been a difficult group for banks to engage with. They do not embrace the suit-and-tie in-branch service of their parents’ generation, but still want personalized attention. Results of an industry study suggest that consumers 18 to 25-years old want their financial institution to be their “overall financial caretaker” and advise them on best financial practices.
Bank of America – ranked Genius in L2’s 2016 Financial Services study – has connected with millennials by providing the digital advice they seek. In 2013, it produced a short video series titled “Better Money Habits” answering commonly asked financial services questions like “I want to get started with retirement”. These bite-sized videos and infographics were promoted on Facebook, Twitter, and eventually Pinterest.
In addition to addressing millennial concerns, Bank of America followed them to their media channels of choice. In 2015, it created a personal finance show called “The Business of Vice” and aired it on Vice. Now, it has branded filters on Snapchat and a partnership with Facebook messenger.
While it’s difficult to calculate the longevity or ROI of these tactics, Bank of America has made it clear that it is committed to experimenting and forging relationships with the younger generation. Given that 76% of affluent millennials are open to switching to a non-banking institution for their financial needs (like Google or Amazon) other financial services firms must work to establish rapport and recognition within the younger generation.
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