How Are You Going To Achieve Success In 2013?

by OMI

According to a recent article posted on creditunions.com, younger customer recruitment and sophisticated data usage are two areas of importance for financial institution success in 2013. One reason for this focus is that the average customer is 47 years old, but it’s younger customers who borrow and acquire new products and services. Indeed, youth account growth should be at the core of all financial institution’s growth strategies but many struggle to effecively reach this demographic. The youth customers they do have aren’t receiving the relevant communications to even be aware of the products and services that are available to them. The use of demographic data along with sophisticated data usage should be leveraged to deliver a refined integrated customer communications strategy to financial institution’s constituencies.

Delivering to your Youth Customers

Youth customers are of the utmost importance for future growth for any financial institution.  The problem occurs when financial institutions don’t have a concise customer communication strategy in place to deliver relevant and personalized communications related to products and services. Younger customers need financing for college, automobiles and first-time homes.  They also need access to credit cards so they can build a responsible credit history.  More often than not, financial institutions take a blanket approach to their customers regarding the products they are offering and to their communication strategies in general.  This not only alienates some customers, but it also doesn’t resonate well with the younger demographic.  While the average customer may not be aware of the multiple communication channels they have at their finger tips, the younger demographic does.  This group expects to be able to receive information and communications in any channel they desire.  It would behoove financial institutions to be in a position to deliver what this demographic desires.  If they can’t get it from you, they will find it from a competitor.

continue reading »