Millennials as Bank Brand Ambassadors? Just say yes and...!
Every financial institution we speak with desires attracting more Millennials as clients. Based on primary research we conducted with Millennials in 2015, 55% are 'likely or more likely' to listen first to their friends and parents when making financial decisions. GenYs tend not to trust what the bank brand is telling them until they have experienced it themselves of have a peer recommendation. Ad blockers on phones and mobile devices mean that bank brand advertising is going to have to work harder or smarter to capture the ears, eyes and hearts of Millennials.
This is why a millennial bank brand ambassador program makes sense as 'ads are not ads' in the traditional sense but are people simply talking to other people using a language, pictures and videos that are natural and authentic to them. To get some insight into how these voluntary programs can work, click here.
Financial Institutions Insurance and Investments; commentary, insights and research from Carmen Effron, an industry insider.