Order from us for quality, customized work in due time of your choice.
Targeting Generation Y is not the right but rather necessary marketing strategy for banks because now it makes up the major part of their customer base. On the one hand, Generation Y people are the so-called digital natives the first generation that grew up with easy access to electronic devices and the Internet. Banks can use this characteristic to their advantage and take advertising campaigns to the online space, especially the social media platforms.
Because of Facebooks or Twitters popularity as well as the viral potential of posts and videos, banks can connect with much more customers than they used to with traditional means of advertising. On the other hand, however, banks should keep in mind that Generation Y-ers are more critical about the information they receive and tend to fact-check claims and read reviews. Moreover, they may be fatigued with information noise and be extremely picky about their communication channels.
Carlin (2019) argues that Generation Y-ers still remember the woes of the 2008 economic crisis and have since developed certain skepticism regarding traditional banking institutions. Any marketing activities should be strategic enough to overcome this kind of attitude. Generation Y prioritizes mobile applications for routine banking activities, such as managing deposits or making transactions.
Therefore, banks that would like to target this particular demographic may want to cut the middle man and give customers more control over their account with mobile products that can be used anywhere, at any time. At the same time, many banks are not ready to reduce the number of offices and reserve some operations for in-person visits only. In Carlins (2019) opinion, in this case, they should try to turn a trip to a bank into a pleasant experience by improving interiors and in-house services.
Khan, Al-balushi, Algaithi, and Al-Shihi (2017) found that social media are also a suitable means for connecting with Generation Y. However, banks should refrain from filling newsfeeds with repetitive posts, blatant advertising, and funny pictures. Instead, they can put effort into locating customer complaints and providing a timely response. By doing so, they will overcome the mistrust that Generation Y has in banking institutions. Customer support via social media will show that a bank genuinely cares about the people that trust it with their money, which will help to build up a trustworthy and reputable image.
Even though Generation Y dominates banks customer bases, older generations still need consideration and customer care. The survey by CYBG has shown that four out of five respondents still want to speak to an assistant or visit a physical location, no matter how advanced digital services are. Seventy-eight percent of older participants said that they value the human touch and see human interaction as integral to the banking experience (Afghan, 2019). For this reason, banks may want to keep an option to call or visit a branch instead of finalizing an operation online or through an application.
Learning to understand Generation Y is a must for all business; this knowledge should inform any viable marketing strategy. As mentioned before, because Generation Y relies on technology and social media for new information, businesses can tap into this territory and target thousands, if not millions, potential customers at once. Younger people may also be more open to switching to alternatives and trying out new products, as compared to their older, more conservative counterparts.
References
Afghan, F. (2019). Lack of trust hindering challenger bank growth new research. Web.
Carlin, S. (2019). How banks can turn millennials into lifelong customers. Forbes. Web.
Khan, F. R., Al-balushi, H., Algaithi, A., & Al-Shihi, A. (2017). Impact of social media on customers satisfaction: Bank MuscatA case study. Ahead International Journal of Recent Research Review, 1(11), 154-163.
Order from us for quality, customized work in due time of your choice.