6 Big Millennial Marketing Mistakes Banking Brands Cannot Afford to Make

6 Big Millennial Marketing Mistakes Banking Brands Cannot Afford to Make

Article from: The Financial Brand

A younger Millennial whips out her iPhone and shoots a picture of her Social Security card so she can attach it to her digital credit card application.

“Are you crazy?” her security-conscious Boomer father asked. “What are you doing?”

Too late. As the daughter hits “send” on her phone, she explains to her father that she is simply following the card issuer’s online account opening protocol. She also used a referral link she received from her older sister, which would net them both a $50 bonus.

This situation illustrates a few key points about Millennials. They place great faith in recommendations for banking services from peers. They feel completely comfortable using mobile services for financial activities. Ultimately, they are going to live life in today’s world, not according to older ideas.

These are just some of the observations found in a 45-page eBook from Harland Clarke.

“Technology is a lifestyle for Millennials, not a toolbox,” the report explains. “”They trust it. As digital natives, it’s in their DNA.”

According to Harland Clarke, the lesson here for bank and credit union marketers — who are often not Millennials — is that marketing strategies must be orchestrated around the way Millennials live and the world they inhabit. This means rethinking all four Ps in marketing: products, pricing, promotions, and place (i.e., retail delivery channels).

This is a time when, the report states, “consumers control how brands do business with them,” and those institutions that adapt will succeed. “Those that don’t will fall behind, and eventually die off.”

  

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