Bank Marketing? Time to Get Personal with Moms & Millennials

mom-moneyOne in two Americans who have a bank are open to receiving marketing communications and personalized advertising from their financial institutions, and that proportion increases among millennials and parents, according to newly released survey results from Segmint.

The survey found that Millennials are willing to see ads about financial products that will help them reach life milestones. According to the results, 67 percent of Millennials (ages 18 – 34) who have a bank would be willing to see a personalized ad from their bank to help them reach their personal finance goals for life events (e.g., paying for college, buying an engagement ring, saving for a down payment on a new home). This is compared to only 42 percent of those aged 45 and older. Similarly, parents of children under 18 are significantly more likely than those without children to be willing to see a personalized ads from their bank to help reach financial goals: 67 percent vs. 46 percent respectively.

“Now more than ever, savvy banks have an enormous opportunity to forge stronger relationships with current customers and attract new ones through a broad mix of hyper-targeted online marketing campaigns,” said Rob Heiser, CEO of Segmint. “Millennials in particular are in a stage of financial growth and planning, so they are more receptive to receiving guidance.”

The new report suggests that financial customers are open to ads that reach them in new and different places. In fact, more than half of bank users in the U.S. (57 percent) report that they never see online advertisements from their bank outside of the company website and mobile app. Furthermore, just under half of bank users (49 percent) wouldn’t mind seeing online advertisements from their bank on webpages outside of their bank’s website and mobile app, if those offers were relevant to their financial goals.

“Personalization can take many forms but digital personalization is where most investment is taking place today,” according to a recent report by Mick MacComascaigh, analyst at Gartner. “Master data management — particularly when coupled with a digital personalization engine — can lead to a better online customer experience by indicating an understanding of the customer and the context of the interaction, typically leading to more online sales, whereas better knowledge management can increase the number of first-call resolutions. Customer loyalty, brand recognition and profit can all be increased.”

 

To explore additional results from the Segmint Consumer Bank Marketing Report: Part I, including an infographic and breakdowns by gender and financial institution type, visit https://segmint.com/Media-Resources/Consumer-Report-2016.

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