Millennials trust strangers for financial advice. Why not you?

Many of your millennial audience will trust people they barely know on social media for financial advice. Why are they not coming to you with their questions instead?

While your bank or credit union has many resources, much of what you’re advertising is related only to products you have to sell. But your most valuable asset is trust.

Stop advertising financial products and start offering a valuable relationship.

What about sharing the wealth of expertise you have? It’s valuable and you’re hiding it under a basket.

I recently read a post to a private Facebook group where someone asked important financial advice from the other 13,000+ members. (Meaning, most are “strangers.”) Here’s what it said:

“Financial Advice: I have some credit card debt I could almost pay off or get it down to super manageable levels if I use my savings to make a large payment. Question: should I keep putting money into my savings while making small payments on my credit card OR make a large payment on my credit card wiping out my savings and starting from scratch with very little debt? I know there are methods that say build savings then pay off debt but I want actual person advice not articles hahaha HELP”

There’s more. In this group, questions about insurance coverage, rent vs. buy and how to raise a credit score are a common daily occurrence.

Millennials are asking strangers instead of you.

Typically, the questions they post only give part of the picture because people asking the questions don’t know what they don’t know. They do know they need answers. They are also asking for?personal, face-to-face help.

Here are some other questions members in the group have posted:

This is a big deal, my Banker Friends.

These are important questions that will make a long term impact on peoples’ financial lives. I believe it’s your purpose—and in your best interest—to help them make the right decisions.

When you're developing a marketing and advertising campaign for your bank, we say "dig deep."

You should be asking your team these questions:

• Who is our target audience?
• What do they care about?
• What is their day like?
• Where do we find them?
• Are we showing up to answer their needs and meet them where they are?

Now is the time for a new approach with your marketing dollars.

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branding ? marketing ? advertising ? strategy ? millennial insights ? training

Banktastic? is a marketing agency for financial brands. We build outcomes-based programs that build love, loyalty and profit. Our National Millennial Advisory Board of nearly 400 diverse people from across the country is a resource for our clients and the content we share. ? Want to hear what millennials think about your bank or credit union products and services? Let's talk: [email protected]