Millennials aren’t the only “digitally-savvy” generation anymore. In fact, smartphone penetration in the United States is expected to reach 230 million people in 2018. To put that in perspective, the US Census Bureau reports 325.7 million in population as of 2017.
But you already have a digital strategy, right? Your financial institution is on social media. You have a mobile app. Your website is live and does not look like it was built in the 90’s. You have this covered. Well, maybe…
Here are five reasons you should take the time to re-evaluate your digital strategy.
- A 2011 Pew Internet survey showed over half of US adults 65+ are utilizing the internet while it is estimated that over sixty percent (60%) currently use smartphones. That’s right, baby boomers are going digital. And, as their families continue to grow in size and reliance upon technology, they are likely to become more entrenched.
- Meet Generation Z, born 1996 – now, this group is the first generation to have grown up in a smartphone and technology driven world. Video calls are normal and many don’t really know what you mean when you mention landlines or dial-up. Raised by Generation X and older Millennials (those pesky 37 – 22 year-olds!), most of Gen Z had a cell phone by the age of 10, according to The Center for Generational Kinetics. Seventy percent (70%) of them have a bank account.
- Forty-two percent (42%) of consumers who reach out online expect a response within an hour – day or night. Expectations are often higher for larger brands. But it might be a good idea to set up a monitoring system and schedule to ensure faster response times.
- Eighty percent (80%) of consumers use digital to contact customer service. Social media has only deepened the blend between marketing, PR, and support. If you’re bank or credit union has taken the step to social media, it could be time to have an in-depth discussion with the support team about fielding account holder response/support.
- Automation may save you time…but it could also damage your outreach. While automated systems like Hootsuite and Bufferapp facilitate timely, scheduled sharing of content, the amount of content digital users are consuming is allowing them to quickly discern between a truly engaged institution, and one that is using a robot.
“Social media marketing is getting back to its native application, organic human, time consuming roots. There’s no shortcut to doing it well,” said Robert Caruso, Partner at Eng@ge. “It takes…time, strategy and effort.”
How is your financial institution handling digital outreach? Tell us in the comments!
DID YOU KNOW? ATMs can be an integral part of your digital strategy. Find out how!