FINANCIAL MARKETING TIPS FOR ATTRACTING GEN Y

1. Appeal to Behaviors that Set Gen Y Apart


The most popular Gen Y products are credit and debit cards, student loans, and mortgage loans. They are financial novices and a prime target for financial advice and assistance regarding how to build a future while paying off their debts. A Gen Y colleague of mine, K4 Graphic Designer Grania Frueh, recently worked on an event in conjunction with the University of Cincinnati Young Professionals called Homebuyers 101: A Bearcat’s Guide to Purchasing a Home. The event offered free education on everything a first-time homebuyer needs to know, and they successfully reached their target market through an organization that they are familiar and comfortable with. What if your financial institution sponsored this, paying for the event space or sponsoring food and beverage, giving you direct access to a Gen Y customer base and a platform to shamelessly pitch Gen Y products and offer free advice?!! Make connections with those who can help you reach out to Gen Y in a non-intrusive manner and provide information they need on their terms.

2. Rethink Social Media


Gen Y is a well-connected generation so online, mobile and social media technology is a must! Most of you have already taken the plunge into online and mobile banking, but have you developed a strategy for the way you are using your social media? A great way to appeal to Gen Y on this platform is to use social media channels for virtual consulting and financial assistance. Don’t just claim you have the lowest loan rates; share a video of a Gen Y member or customer you have helped acquire a low interest rate loan.  Social media is the medium of choice amid Gen Y and their favorite method for researching and accessing info, so testimonials of those in their peer group are key!


3. Don’t Ignore the Values of Parental Influence & Personal Service


Parental influence can be the single biggest driving factor behind the decision to open a bank account and advice on where and how to obtain loans. Know your current customer base of baby boomers and capitalize on the time spent developing that personal relationship by educating them on products that may help their children. Develop and enforce a strategy for doing so.


Jeff Klump, the President of K4 Architecture + Design says people still want to interact with a person and not a machine, and value personal service. In fact, a bank CEO recently told Klump that 90% of his bank’s new business or new accounts still originate at the branch. “Technology is definitely leading to the redefinition and transformation of the traditional branch facility for financial institutions, but people must remember that the technology is intended to make life easier and more efficient for the consumer, but it is not the ‘end all’ answer to banking, ” says Klump. “Branches are the physical embodiment of an institution’s presence and their signature within the community.”


4. Easy Access is Key


Gen Y is a mobile population, whether they are away at school or moving to a new city for their first job – they don’t want to pay fees to access their money. Many Gen Y value saving money over personal assistance…so pump up online options if you can’t have a branch or ATM location everywhere they are!


5. Enhanced Customer Experience


Gen Y knows they have options; thus they are more demanding with greater expectations. If not satisfied, they will go to a competitor. Bad customer service can spread like wildfire via word-of-mouth on social media. Among Gen Y customers, recommendations rank higher in importance than the reputation of the institution. What can you do in addition to offering stellar customer service to enhance the experience?


  • Invest in branch innovation – “smart banking” branches with minimalist layouts, interactive touch screen walls, self-service stations, check imaging, and video conferencing with bank associates are all popular features for Gen Y.  If you need help with this, contact K4 Architecture + Design – we specialize in facility remodels and brand refreshing! Sorry, there is my shameless plug!
  • Make cool products that offer personalization & reflect their lifestyle – don’t have customizable credit & debit cards? Get on board and offer what your competitors don’t!

6. Ask for Feedback!


Want to know more about Gen Y and what they value? Get the info straight from the horse’s mouth. Gather a list of your current Gen Y customers and develop an Advisory Board Committee program. Have the committee actually advise your board in person, which provides you with invaluable info about this customer base but also gives them real world business experience in return. Start a website specifically for this customer base and accompany it with social media. Supplement the committee with additional responsibilities such as maintaining the social media, participating in community events, and soliciting new customers, members, and future Advisory Board committee members for you. What a great resume builder for this generation to have!

By Jeff Klump 20 Dec, 2023
In the dynamic world of corporate office interiors, staying ahead of design trends is crucial to creating spaces that not only inspire productivity but also reflect the latest aesthetic sensibilities. As a firm specializing in corporate office design, K4 embraces Pantone's Color of the Year for 2024 - Peach Fuzz. This warm and inviting hue offers a fresh perspective on creating contemporary workspaces that balance sophistication and comfort and an opportunity to infuse sophistication, and a touch of modernity into the corporate design landscape. Peach Fuzz, a delicate and nuanced shade blending peach and blush, brings a sense of tranquility and optimism to any space. When incorporated into corporate office interiors, this color has the power to redefine the atmosphere, promoting a positive and collaborative environment. K4 is committed to enhancing the workplace experience, and we recognize the significance of color in influencing mood and productivity.
By Jeff Klump 07 Nov, 2023
In the dynamic landscape of community banking, where the strength of relationships is paramount, the role of design extends beyond aesthetics—it becomes a strategic catalyst for talent acquisition and retention. In an era where attracting and retaining top talent is pivotal for organizational success, the significance of an intentionally designed workspace cannot be overstated. In this article, we delve into how strategic design decisions can not only enhance the physical environment but also foster a culture of engagement, innovation, and long-term commitment among employees, contributing to relationship building and the overall prosperity of community banks. Join K4 on this journey through the intersection of design and community banking, where the blueprint for success lies in the spaces we create for those who make our banks the heart of the community.
By Nicole DeRogatis 07 Nov, 2023
In the previously published Journey to Brand Consistency: Part I, K4 addressed Facilities, Marketing & People as the three pieces that comprise the Financial Success Puzzle for community banks. This article examines one level deeper in unifying physical and digital marketing assets within the Financial Success Puzzle, and the importance of creating a harmonious and powerful brand identity across all platforms. In the fast-paced and ever-evolving community banking industry, maintaining a strong and recognizable brand presence is vital for success. As a full-service design and branding firm working closely with community banks, we have witnessed the transformative power of consistent marketing assets in bridging the gap between the physical and digital realms. By solidifying the customer experience across all touchpoints, banking institutions can establish a stronger emotional connection with their customers and create a lasting impact on their success. Investing in brand consistency is not only a strategic move but also a reflection of a bank's commitment to their own stability and future growth.
By Jeff Klump 07 Nov, 2023
Now more than ever, brand consistency is of utmost importance to financial institutions. Creating brand consistency goes a long way in building brand trust, increasing customer/employee/community loyalty, and impacting your bottom line. Why is there so much brand inconsistency in the community banking landscape? Because being brand consistent requires change and commitment, and it can be tedious and expensive. Taking the first step is often overwhelming. Where do you start? What do you update first? These are excellent questions, but there are other important questions to consider. What is the cost of NOT getting brand consistent or what is the cost or potential loss of creating brand confusion? Inconsistencies are costing your bank time and money. Not practicing brand consistency will cost you significant consequences to customer experience, brand reputation, and overall loss of trust – all of which can impact your bottom line. Conflicting brand usage accounts for a damage to brand credibility, making it harder to compete in the market. As K4 gets ready to hit the road in 2023, presenting at various community banking conferences on this topic, we thought it was important to preamble this timely subject of the Financial Success Puzzle. At K4, we define the Financial Success Puzzle as a 3-piece formula to creating and maintaining brand consistency for community banks. This formula is simply the act of connecting people to place and connecting brand identity to place. Many retailers have capitalized on this concept for years. Your branch facilities, marketing & people MUST work together to create stability and not only that…they must be triplets, not just siblings. They can’t just resemble one another; they need to be nearly identical in their delivery.
By Jeff Klump 08 Dec, 2022
For decades, small town business districts across America have featured a strong physical presence from a local bank perspective. Near the courthouse or city hall, these buildings are often identified by their traditional columns and prominent facades of brick or stone. Not only do these structures help establish the fabric of the streetscape; they often contribute to defining the social framework of the residing individuals and neighborhoods, supporting the hopes and dreams of generations. Community banks need to continue to reinforce their presence and values to those individuals and businesses in the geographic areas they serve. Making your bank’s physical appearance memorable, builds brand awareness and offers an opportunity to reinforce the benefits of banking locally which includes working with trusted friends and neighbors. Many community banks are exploring ways to create community space by revitalizing main offices and branch experiences while positioning themselves as a valuable and integral local resource.
By Jeff Klump 07 Nov, 2022
Let’s first explore how the definition of the coffee shop has evolved…from simply being a beverage offered at a restaurant to an actual stand-alone destination, service and experience that provides and encourages co-working space, meeting opportunities, and community gathering.
27 Jun, 2022
Each January, Pantone announces the color of the year that reflects forecasted color trends in fashion, beauty, and design. This year and for the second
27 Jun, 2022
Helping customers feel at home at your bank can increase the likelihood they’ll come inside and want that personal connection with your branch. There’s a
27 Jun, 2022
Interested in learning about Post Pandemic Design Solutions? Read below for details. We do not have a crystal ball or be able to see into
27 Jun, 2022
How Credit Unions Can Connect to the People They Serve. For decades, small town business districts across the country have almost always featured a strong
Jun 21, 2022
Share by: