Patrick Kervern, Industry Leader Finance, and Anissa Talbi, Senior Industry Manager Finance, invited me to share my passion for social media and discuss the key initiatives from North America and Europe focusing on the youths.
The junior group (teenagers and young adults up to the age of 30) represents a very interesting market for banks and insurers. They tend to be a disloyal, fickle but informed sector.
* Attracting juniors: Banks must capture youngsters at an early stage rather than later. This is a difficult group to attract and retain, so banks may need to adopt an aggressive pricing policy and offer exciting auxiliary products and services.
* Keeping juniors: Once banks have attracted juniors, they must try and keep them and make them customers for life (if possible). Young people easily change loyalties, so banks need good offers and must innovate continuously to keep their interest. It’s important to use the right language as the attitudes and nuances of this market constantly change.
Source: “Financial Services for Youths”, EFMA.com
In the last couple of years, financial insitutions have started to leverage social media to engage with the youths. Their goals vary from recruiting talented graduates to providing financial education to teenagers and young professionals.
Let me share with you a list of social media initiatives from the banking industry focused on the Youth Market and sorted by country.
* Wells Fargo – Stagecoach Island / Financial Education (blog & virtual world)
* Chase – Chase +1 Credit Card / Financial Education (facebook)
* TDECU – Young & Free Texas / Empowering the Youths (blog)
* South Carolina Federal CU – Young & Free North Carolina / Empowering the Youths (blog)
* PSCU Financial Servivces – Project New Age
* The Ohio CU League – Money and Stuff
* Numerica CU – It is all About GEN Y
* Shell Federal CU – iLife
* Mint.com – Personal Finance Management
* Smartypig – Goal-Oriented Savings
* WeProsper / Financial Education
* Severus CU – Young & Free Alberta / Empowering the Youths (blog)
* Vancity – Changeeverything (blog/online community)
* RBC – Better Student Life (blog)
* TD Canada Trust – TD Money Lounge (facebook)
* RBC – Bankbook (facebook)
* BNP Paribas – Starbank / Training & Induction (virtual world)
* BNP Paribas – Ace Manager / Recruitment (Competition)
* ING – Planet Orange / Financial Education for kids (micro-site)
* ING – Move Out, Move Up / Mortgages for young couples (microsite)
* Rabobank – Hyves Profile / Social Networking
* Fortis – Mine.be / Initiative for teenagers
* NAB – Ballet Community / Online Community for kids
Social Media Initiatives in Banking for the Youths