Why some financial brands win with millennials (and some don’t)
According to a ranking of traditional and fintech financial providers, both Millennials and Gen Z agree that digital competence is a must. But beyond that, the two generations tend to see many aspects of the financial industry differently.
In marketing, the concept of “relatability “— meaning, at the simplest level, being easy to understand and feel connected to — is more often used at the campaign level than at the brand level, where it can be harder to quantify. Nevertheless, if people can’t relate to a brand, it may never even be considered.
This is a problem for banking brands, because “relatability” correlates directly with someone’s level of trust — a core factor influencing any financial relationship.
According to a new research by BrandCap, consumers only find one in four banking brands relatable. Out of all the financial institutions studied, the top four were Marcus, Venmo, Finn, and JPMorgan Chase (the only traditional banking brand). Coming in last were HSBC, Navy Federal Credit Union, TD Bank, and Wells Fargo.
On the surface it would seem that effective use of technology might be the primary differentiator between the high- and low-scoring institutions. But David Martin, U.S. Chairman of the BrandCap consultancy, sees it differently.
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