How to Use Bank Marketing to Get Millennials to Switch Banks
How to Use Bank Marketing to Get Millennials to Switch Banks

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January 26, 2023

One of the ways that bank marketing shows positive results is by getting millennials to switch banks. Bank print advertising can provide value proposition messaging that communicates value propositions that meet the needs of customers while also promoting the fact that the financial institution can help millennials better manage their personal finances and achieve a brighter financial future. Personalized, dedicated messaging delivered through their preferred marketing channels forms a connection with millennials and makes them feel like the bank understands them and has their best interests at heart.

Looking to attract more millennials to switch to your banking institution? If so, follow the tips below.

Know What Motivates Millennials to Switch Banks

Some of the factors that motivate millennials to choose a new bank include the following items:

  • Rewards and Promotions:
    Millennials pay attention to your message when they are offered financial rewards and promotions to consider switching banks. Many millennials would consider switching banks if a particular financial institution offered better rewards or a greater number of rewards. For example, some common rewards that are offered to millennials include cash back on purchases, high interest rates on checking, and ATM fee refunds.
  • Mobile Services:
    Millennials prioritize the ability to use mobile services when thinking about switching banks. Millennials are open to the idea of switching to a community bank if it offers mobile services such as mobile check deposit or a mobile app. In addition, half of millennials say customer service and banking convenience rank high when choosing a financial institution for their daily needs.
  • Local Ownership:
    Millennials value local ownership when it comes to selecting a financial institution for their daily banking services. Most millennials say locally owned businesses are important to their decision-making process.

Tailor Your Bank’s Marketing Strategy to Meet Millennial Banking Needs

Millennials are highly reliant on technology because they grew up with the Internet. In other words, it has always been a daily part of their lives. This reliance on the Internet has led them to use technology to accomplish their banking needs. A good number of millennials use online banking services to the point that they would rather use mobile apps instead of visiting a physical bank branch.

In order to provide their preferred banking methods, banks should focus on developing strong mobile apps for millennial customers and offer rewards and promotions that appeal specifically to millennials in the quest to get them to switch banks.

How Banks Can Use Print Marketing to Attract Millennials

Banks can use print products, such as direct mail, to create an attractive visual presentation that highlights customer convenience as well as rewards and promotions. The main goal of the printed materials should be how easy it is for potential customers to switch banks.

The print marketing materials should also feature attractive rewards and promotional offers that are appealing to millennials (such as high-interest savings accounts and cash back rewards on purchases). The act of spotlighting the availability of these rewards helps attract millennials to a bank. The bank should also showcase how their mobile services benefit millennials such as a mobile banking app that offers features that include online bill pay, instant transfers, and budgeting services.

The team at NextPage can create marketing materials that appeal to millennials and encourage them to switch banks. We have a variety of designs and print templates that can be customized to fit the needs of your bank. Contact our team of experts to help you create the perfect print marketing strategy.

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