While we can expect a huge wealth transfer in the next two decades, senior citizens still have the lion’s share of the wealth in America. And while bankers are looking ahead to better serving millennials and Gen Z consumers with technology and a disruption of the old banking model, they can’t abandon the old model entirely.
If Grandma's not happy, nobody's happy.
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 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.
When a bank's business development team gets charged up and ready to call on prospects, they’re often so eager to talk, they forget to find out about what’s keeping the prospect up at night. "Me, me, me!", they say. Don't be that guy.
Advertise Accordingly.
As a leader in the C-suite, you’re often surrounded by people who defer to your opinion. Maybe there are a few “yes men.” So it can be easy to say you don’t like an ad campaign presented by your CMO and shoot it down without a second thought.
When I was a new college freshman, a classmate who was also from out of town attempted to make a deposit in the local “first national bank.” It wasn’t the same “first national” that she had at home, but she hadn’t realized that. Some big confusion about her account ensued.
A couple of the frat boys next door thought it was hilarious.
