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23 Ways to Reach The Youths Banking on Social Media

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I look forward to contributing to a high-profile roundtable discussion on ‘banking for the youths’ organized and hosted byGoogle in Paris later today.

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.

Context
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.
Key challenges:
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.

US
* 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

Canada
* 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)

France
* BNP Paribas – Starbank / Training & Induction (virtual world)
* BNP Paribas – Ace Manager / Recruitment (Competition)

Netherlands
* ING – Planet Orange / Financial Education for kids (micro-site)
* ING – Move Out, Move Up / Mortgages for young couples (microsite)
* Rabobank – Hyves Profile / Social Networking

Belgium
* Fortis – Mine.be / Initiative for teenagers

Australia
* NAB – Ballet Community / Online Community for kids

Social Media Initiatives in Banking for the Youths

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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