Justin Beiber is one. So is Mark Zuckerburg. And if you are aged between 18 and 34, so are you. First came the Baby Boomers, then Gen Xers, and now Millennials. And the enthusiasm with which this age group—often characterized as “digital natives”—has taken to both social media and mobile and digital payment options is changing the face of financial services.
When attempting to define the Millennial generation, Time Magazine labeled it the “Me Me Me Generation,” describing Millennials as “maybe the last large birth grouping that will be easy to generalize about.”
Time also described Millennials as “narcissistic” and “entitled,” but also “optimistic,” “informed,” and “entrepreneurial.”
Feel free to discuss what characteristics, if any, define Millennials in the comments below, but one thing everyone agrees on is that Millennials are the most digitally active generation.
They invented, or at least embraced, many of today’s most popular social networks, and are voracious consumers of social content—increasingly through mobile devices. Sharing, retweeting, and posting are very much a part of the lexicon and daily life of the average Millennial.
This presents opportunities, as well as challenges, for financial services companies looking for ways to use social media to cultivate deeper, lifetime relationships with Millennials.
For example, an Ipsos MediaCT / LinkedIn study found that 81 percent of affluent Millennials would look for financial products and services reviews on social media, while 76 percent would use social media to find information about personal investing—compared to just 44 percent and 18 percent of affluent Gen Xers respectively.
And a whopping 89 percent of affluent Millennials would turn to their social networks for financial thought leadership content.
Creating products that fit seamlessly into Millennials’ active digital lives and meet their desire for convenience and instant gratification is one way forward. Promoting those products effectively online to win the loyalty of Millennials as they move through life’s milestones—gaining an education, building a career, purchasing a home, starting a family—is another.
We’ve partnered with LinkedIn on this webinar to show how forward-thinking financial institutions can use social media to create meaningful, long-lasting connections with Millennials as they journey through life, smartphone or tablet in hand.
How Millennials are Changing Financial Services
Date: Wednesday, August 26, 2015
Time: 10.30am IST / 1pm SGT / 3pm AEST
How Millennials are Changing Financial Services
Date: Wednesday, September 23, 2015
Time: 8am PT / 11am ET / 4pm BST
Register for the webinar and you’ll learn how to:
- Develop a customized social media strategy targeted at Millennials—focused on the bottom-line impact
- Listen to and serve Millennials to improve retention, adapting to their life journey
- Learn what resonates with Millennials by using social analytics to hone the messaging and understand what did and didn’t work from a content perspective
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