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Thursday, April 9, 2020

Attracting Millennial Banking Customers With Video Conferencing

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Millennials make up a larger portion of the U.S. population than baby boomers, according to the Census Bureau, so forming an effective millennial marketing strategy is vital. You can’t lump all millennials into one group and find instant marketing success, especially when it comes to the financial services industry. For one thing, millennials engage less with banks than previous generations. However, by becoming more digitally savvy, banks can foster more customer engagement to potentially increase millennial utilization of services like mortgages and car loans.

So, how do you attract millennials to your bank? Video conferencing through a mobile app is one of the best ways to do it. Let’s take a look at how you can engage with millennials using video conferencing to create a more personalized experience.

How to Engage With Millennials Online Using Video Conferencing

One of the best ways to attract and captivate millennial banking customers is by using video conferencing or video chat. This strategy can increase engagement by connecting with millennials who do most of their business via phone. Bank video conferencing from the right provider can integrate with virtually any application, network, or device to deliver the best experience with improved customer service that banks like yours provide.

Be Authentic

According to Biz Tech, millennials crave authenticity, so you’ll have to find a way to stand out among other banks vying for their attention. Millennials view “brand authenticity” as an important factor when deciding which brands to support. Since they visit bank branches less often per year than any other generation because most simple banking transactions can be completed online or on their phones, it’s up to you to find ways to engage with them in a truly authentic way. Authenticity is straightforward — it merely means staying true to who you are as a brand and your goals, as well as who you serve. Creating a genuine sense of what your bank stands for allows people to understand how the products you offer can benefit them. Thus, you come across as more trustworthy and reliable.

Make Your Technology Easy to Use

As mentioned above, millennials are using online banking via mobile apps more than they’re visiting bank branches to perform transactions. As a consequence, your employees have fewer face-to-face interactions with customers, so it’s your job to make it as easy as possible for them to do their banking digitally. Therefore, you need to make sure the design of your apps and any video conferencing software is helpful and intuitive. Anticipate their next move and consider advanced data analytics to get a deeper understanding of customer goals and financial habits.

Address Customer Pain Points and Goals

It’s clear that millennials both want and need help with their financial goals. But there’s a problem — banks aren’t the first resource to come to mind when millennial customers consider different solutions. This is where video chat comes in. Real-time video chatting can help ensure you’re addressing their frustrations and concerns, as well as help guide them toward their goals. Try to consider things from the millennial perspective and acknowledge their life journey when reaching out. Also, think about where you could provide solutions that help them with getting over a hurdle or resolving an issue they’re stressed about.

Finding the Right Solution

Attracting millennial banking customers using video conferencing is much easier when you’re authentic, address their pain points and ambitions and make your technology simple to use. Consider a video conferencing system that can help you do more for your millennial banking customers. It’s a step in the right direction to do more than just build a list of leads — it also allows you to build a more personalized solution for your customers that they can rely on when they need their questions answered or help with achieving their financial goals.

VidyoEngage is a top video conferencing service, on-premises and cloud solution for financial institutions of all types. Learn how it can help you better connect with your millennial customers.

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