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The impact of millennials cannot be overstated-their generation is the biggest in US history and their use of social media has transformed the way we interact.
But has it transformed the way we bank? Banks struggle to deal with this notoriously fickle generation. In fact, as few as 8% of millennials trust financial institutions to be a partner in their financial goals. Banks must adapt to the way millennials approach their finances, as this generation is more about crowdsourcing financial guidance on social media than visiting branches and ATMs.
Forward-thinking banks are meeting customers where they already are: on Facebook, Twitter, and even Snapchat. They know the value of social media when it comes to quickly responding to customer questions and complaints. However, the problem-resolution scenario only scratches the surface of the type of authentic, personalized engagement millennials seek.
Banks have always engaged with customers through campaigns, selling, and customer service, but now their challenge is to do this in a way that resonates with millennials. There are many possibilities for this kind of engagement, but three scenarios offer significant value for banks to appeal to this generation:
Banks experimenting with these strategies are finding powerful new ways to connect—not only to millennials, but to customers everywhere.
Social media creates opportunities for authentic, real-time marketing campaigns
Customers don’t passively receive the message of successful social media campaigns—they create it. By reaching out to customers and asking them to share their stories, banks are quickly learning customers want to be heard. Millennials are more than willing to share their financial goals of reducing debt or buying a home, for example. These types of listening campaigns enable banks to identify common values and engage customers on the issues they really care about.
Understanding a customer’s approach to finances is critical considering the emotional connection people have with money. Social analytics tools provide deeper insights into customer sentiment and conversation themes, enabling banks to gauge responses to campaigns and make personalized recommendations. Banks such as Tangerine leverage social data to make real-time adjustments to campaigns based on customer feedback. By crafting more responsive campaigns, banks gain customer trust, grow their network, and stay connected with their audience with just a few clicks.
Social selling enables more effective customer acquisition
Traditional forms of selling no longer appeal to millennials. In fact, sellers who leverage social selling strategies have a 78% higher chance of hitting revenue goals than non-social sellers and obtain 31% higher ROI than those who stick to traditional tactics.
By sharing relevant, consistent content through social media, sales professionals nurture their networks, build their online presence, and foster personal, organic connections. When customers are ready to connect, they’ll be able to do so with someone they know.
And where social selling meets social campaigns, the results are even more dramatic. In fact, more than half (56%) of consumers say they follow brands on social media to view products. A large credit union saw a record number of new member sign-ups and a conversion rate 25X higher than average after using Facebook to advertise special offers and a member appreciation campaign. For all kinds of banks, social selling can be a key strategy with low risks and potentially huge rewards.
Social media redefines customer service to drive greater customer loyalty
As more businesses realize the value of social media, customer expectations for banks are rising even higher. For example, 16% of customers expect a response to social media questions in an hour or less. Banks already know this and are analyzing customer comments, proactively identifying disgruntled customers and reducing the time to issue resolution.
But there’s more banks can do to enhance their customers’ experiences. Customers use social media to inform their purchases and decision-making, providing banks the opportunity to create new customer touchpoints and information distribution channels. Social media both enhances a bank’s online presence and provides valuable content to customers. By offering informative articles, FAQs, service advice and more, banks can tweet their way into the role of trusted advisor and turn their customers into fans.
All businesses, especially banks, can benefit from an updated social strategy powered by the latest technology
While millennials may have sparked the paradigm shift in the banking industry, the shift to social is impacting every customer demographic. That’s why it’s critical to ensure you have the right tools in place to support a proactive approach to #social.
With Microsoft Dynamics 365, you can enhance customer brand loyalty through actionable insights, leading to a more connected engagement. In Dynamics 365, banks can act through intelligent insights, from analyzing all customer data in near-real time to giving product recommendations tailored to your customers’ social needs.
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