The need for a social strategy is highlighted very well by the infographic in this Crowdtap article on who millennials trust when making a purchase decision. While the survey results don’t show how decisions related to choosing a bank are made, it is an established fact that millennials do not trust banks. That makes it all the more important for banks to engage this segment of their customers in their preferred and trusted way.
Creating social platforms for communication with banks is a start but it may not be enough to bridge the trust gap. Building a community around and with user generated content is one way for banks to build trust with millennials.
Scotiabank’s Richness Project is a social media experiment that other banks can learn from. Listening to and learning from the voice of customers on such emerging channels with non-traditional success criteria requires the right set of tools. To have a positive, sustainable impact, the ongoing listening and learning from the voice of the customers must be tied back to the bank’s strategic imperatives through a customer focused lens.
What is your strategy for building trust with millennials? Have you identified the gaps and opportunities in your digital strategy?