Why Mobile Social Banking is Growing
The workforce is constantly evolving with Millennials fresh out of college and eager to make their mark in the world. As with every generation before them, they have their own lingo, their own career goals, and even their own preferred technologies. Among these include mobile social banking and the marketing of banking services via social media.
Reasons for Growth:
- Over 50% of the workforce is comprised of Millennials. This tech-savvy group relies on social media, such as Facebook, Twitter, Pinterest and LinkedIn for everything from status updates to current events.
- Social media marketing is efficient and green. Advertising costs add up quickly for banks, and Millennials don’t respond well to traditional advertising anyway. With social media, it’s more targeted and green.
- Social media is a fast way to engage customers. From Facebook posts to short tweets, it’s easy to engage customers and solicit feedback regarding products and services. This makes it easier for financial institutions to tailor mobile social banking and other services to match customers’ needs and desires.
Of course, engaging Millenials via social media and promoting everything from mobile banking to home loans isn’t as simple as creating a Facebook page and putting out posts. As with all marketing strategies, it needs to be done as part of a comprehensive plan. For best results, this strategy should include the following elements:
- Vision – What are the goals of the posts? How will the posts be written and presented? What “mix” will be used to engage customers and encourage them to participate?
- Measures – How will success be determined? What goals are to be achieved, and what metrics will be used to determine whether the social media strategy is effective?
- Relevant Content – This is the most important – be interesting, informative, engaging, and relevant. If you can be entertaining at the same time, great.
It’s clear that Millennials are adapting to new technologies faster than any generation before them. Therefore, businesses and banks will continue actively seeking Millennials via social media, and the promotion of mobile social banking services will be well positioned for the future.
Image Source: freedigitalphotos
Follow us on: