Millennials and Internet marketing - how to shape the future of the financial industry

Henry Clifford Jones, director of advertising for LinkedIn, explains what happens when you mix millennials, social media and finance.

Two people go to the bank ... No, this is not the beginning of a bad joke, this is the reality of financial services today. Ask any millennial when he last went to the bank and you would come across the expected stupor. Virtual space is the place where they want to interact, and financial institutions should take this into account.
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The positions of financial institutions have changed from those whom they trust to simple transaction tools - and the situation for them has only worsened with the advent of non-traditional market firms. The arrivals redistributed the share ratio of existing players and, doing an excellent job, concluded their loyalty among the key segments of consumers.

What can financial brands do to get a competent advantage? A survey was conducted on "Secured Millennials" - 18-34-year-old members of LinkedIn with invested assets of more than 75,000 pounds. The report is called: Victory over the millenial: How a new strong personality forms the financial industry, exposing its motivation.

Children disaster

We found that the wealthy millenials are well informed, well prepared, and meticulous when it comes to their finances. They saw what a recession looks like, and they no longer want to be participants. They are undoubtedly confident in their future finances, many are indeed financially prudent - they save more than the previous generation, perhaps because 39% of them (more than any other group) expect the next crisis.

Money regulators

It is significant that despite the expected level of apathy, this wealthy group sees more value in financial advisors and needs more involvement in making financial decisions than their predecessors, Generation X. Moreover, they are 50% more likely to remain loyal to a trusted supplier after once made a decision.

This group clearly agrees that the decisions they make today will affect their future success. They define a product that meets their needs, resorting to new ways to solve problems. They are focused on improving their credit history and purchasing first housing much more than their older counterparts.

Let's get involved

The fact that young successful professionals are influenced by social media is not new. The wealthy millennials grew up in the era of electronic devices. They are informed and educated consumers who want to more closely interact with online brands. Moreover, they want to be near not just online, but from the devices that are a) personal, b) always at hand c) reliably protected.

Thus, financial brands should seriously think about how to interact with millennials using the devices that are convenient for them, how to make this interaction more secure, so that millennials become loyal to the brand, which will ensure its long-term use. It is important to think about how to maintain active contact with consumers - not only creating an application, but also complementing the impact of mobile advertising and online support services. The use of Mobile in the financial sector is growing sharply, manage to maintain its market share and even come forward.



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