CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

CONNECTING WITH MILLENNIALSRETAIL BANKING MARKETING GUIDE

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

YOUR GUIDE TO BUILDING BETTER CONNECTIONS WITH MILLENNIALS

LET’S KEEP IT SIMPLE.

More connected and technologically-empowered than their parents, millennials are set to become the most powerful consumer cohort in the country. In Australia alone, the value of millennials to financial institutions is expected to increase by almost 80% by 2025—while the value of Gen X and Baby Boomers will decline. So what should financial services marketers consider when looking to attract and build engagement with the millennial customer? The Facebook IQ team, in partnership with Accenture, commissioned research to better understand the behaviour of the millennial retail banking customer in Australia. Then, we took these learnings and mapped them to tailored Facebook advertising solutions—to help financial services marketers build more meaningful connections with millennials.

CONNECTING WITH MILLENNIALS IS ABOUT:

Understanding the scale and value of the Facebook opportunity

Capturing attention and engagement with mobile-first video

Taking a strategic, signals-based approach to personalised marketing

010203

Source: “Recognising the Value of Millennials in Banking” by RFi Group, Mar 2019.

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

01 UNDERSTAND THE SCALE AND VALUE OF THE

FACEBOOK OPPORTUNITY

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

90%OF MILLENNIALS SURVEYED USE ONE OR MORE OF THE FACEBOOK FAMILY OF APPS AT LEAST ONCE PER WEEK

People come to our platforms to connect with friends, families, communities and businesses. When building strategies to connect with millennials, Financial Services marketers should consider leveraging the full Facebook family of apps (Facebook, Instagram and Messenger)—where they spend an increasing amount of their time.

As the communities within these platforms continue to go from strength to strength, they offer incredible opportunities to connect with the millennial audiences you care about.

Source: Retail Banking Consumer Journey Study by Accenture (Facebook commissioned online study of 1000 respondents, ages 18+, Australia, Nov 2018–Feb 2019).

FACEBOOK FAMILY OF APPS

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

MILLENNIALS ARE HIGHLY ENGAGED WITH FINANCIAL SERVICES CONTENT ON OUR PLATFORMS

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

Source: Retail Banking Consumer Journey Study by Accenture (Facebook commissioned online study of 1000 respondents, ages 18+, Australia, Nov 2018–Feb 2019).

of millennial retail banking customers surveyed would like to see more Financial Services content on their Facebook or Instagram feed

>75%

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

ASSET CUSTOMISATION FOR PLACEMENTS

A common barrier for marketers in leveraging multiple apps and ad placements is the inability to customise creative for each unique platform.

Asset Customisation for Placements changes that reality. It allows financial services marketers to easily and efficiently customise image and video assets for different placements across Facebook, Instagram, Messenger and Audience Network— allowing for real-time cross-platform optimisation, that can help you reach your goals faster.

Learn more about Asset Customisation for Placements.

FACEBOOK NEWS FEED

MESSENGER

INSTAGRAM STORIES

AUDIENCE NETWORK

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

02 CAPTURE ATTENTION AND ENGAGEMENT WITH

MOBILE-FIRST VIDEO

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

At Facebook, we put people at the heart of our products. That’s why we design and adapt our video advertising solutions to reflect the ways that people actually consume video. From snackable videos solutions that are designed for frequent, on-the-go viewing sessions to longer-form video solutions that are consumed during planned, intentional viewing—there are options to suit every millennial audience.  

STORIES ADS

VIDEO ADS IN FEED IN-STREAM ADS

ON-THE-GO CAPTIVATED VIEWING

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

INSTANT EXPERIENCES

AUSTRALIAN MILLENNIALS LOVE DIGITAL VIDEO

75%

1.8x

of the time millennials spend watching video is done online

more time spent by millennials watching digital video content (vs. those 35–54)

Source: “Communications Report 2017 -18” by Australian Communications and Media Authority, Nov 2018.

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

THE GROWTH OF STORIES IS EXPLODING ACROSS THE FACEBOOK FAMILYSTORIES ADS

Stories are a customisable, edge-to-edge experience that lets you immerse people in your content, tap into their passions and inspire them to take action.

Stories also match how people are already interacting with their phones. Across the globe, people hold their phones vertically 94% of the time1 and Stories are optimised for a vertical full-screen view that feels natural and allows people to enjoy videos and photos in short, frequent bursts.

Financial Services marketers can drive results with Stories ads across Facebook, Instagram and Messenger.

Learn more about Stories Ads.

Take the Ads in Stories Blueprint eLearning course.

VIDEO AD SOLUTIONS

Source: 1. “The Rise of Vertical Video: How Top Brands Are Adopting A New Content Format” by Forbes, Feb 2018; 2. Facebook Earnings Call, January 2019; 3. Instagram Internal Data, August 2018.

300m

500m

daily active users of Facebook & Messenger Stories2

daily active users of Instagram Stories3

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDECONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

STORIES SUCCESS STORY

CRÉDIT AGRICOLE

The French bank Crédit Agricole used video on Instagram and Instagram Stories to promote a new banking offer to millennials, which increased brand awareness and ad recall.

lift in ad recall

20pt

increase in brand awareness

10pt

increase in favourability6pt

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

VIDEO AD SOLUTIONS VIDEO ADS SUCCESS STORY

VISA SINGAPORE

The global payments provider leveraged its 2018 FIFA World Cup Russia sponsorship and built a top-of-mind brand awareness campaign with a series of mobile-optimised video ads, which resulted in a 10-point lift in ad recall.

lift in ad recall

10pt

lift in message association with the 2018 FIFA World Cup Russia

4pt

views1.2M

VIDEO ADS IN FEED

Capture short-bursts of attention in feed with snackable videos on Facebook and Instagram.

Video Ads in feed are successful in driving upper funnel marketing objectives like awareness and recall, as well as lower funnel objectives like conversions.

Creative considerations for video ads in feed:

BRANDShowcase your brand—early and often.The first few seconds of your ad matter, a lot. Effective mobile-first video ads include branding in the first three seconds and convey a brand’s key message in a quick, easy to understand and attention-grabbing way.

SOUNDDesign for sound off, but delight with sound on.Successful videos designed for sound-off are visually delightful, with a clear focal point and message.

ATTENTIONEvery moment is a chance to capture attention.With audiences swiping quickly through their feeds, your brand must make a real impact in just a few seconds. Bring your most exciting frame to the front.

TIMEFind the balance between the message and time.A mobile-first approach requires a different type of storytelling. Shorter is better— ads under 15 seconds work best in feed.

PLAY MOREGet out of your comfort zone—and experiment.Effective mobile ads have an element of surprise. Introducing strong design elements may seem intimidating, but it can make ads more effective.

Learn more about Video Ads.

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

INSTANT EXPERIENCES SUCCESS STORY

AMERICAN EXPRESS OPEN, NORTH AMERICAAmerican Express launched a mobile ad campaign using Instant Experiences to engage its audience in a creative, new way in order to increase applications for its OPEN Business Platinum credit card, resulting in 37% more conversions.

INSTANT EXPERIENCES

Facebook Instant Experiences, formerly known as Canvas, create a mobile-optimised experience so viewers don’t just see your story, they become a part of it. Within an Instant Experience, people can watch engaging videos and photos, swipe through carousels, tilt to pan and explore lifestyle images with tagged products—all in a single ad that loads fifteen times faster than standard mobile web. 

Learn more about Instant Experiences.

VIDEO AD SOLUTIONS

lift in conversions37%

decrease in cost per acquisition compared to video link ad

27%

higher return on ad spend52%

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

IN-STREAM VIDEO SUCCESS STORY

VISA NORTH AMERICA

The global payment technology company used Facebook’s in-stream video ads in conjunction with News Feed ad placements to promote multiple ways to conduct transactions, resulting in an efficient cost per video view and a 7-point lift in ad recall.

lift in ad recall for in-stream video and News Feeds video ads (versus control group)

7pt

lower cost per video view with in-stream video ads than News Feed placements alone

7x

more video views from in-stream video ads than News Feed placements alone

4.7x

of video watched when using in-stream video ads, on average

83%

IN-STREAM ADS

The in-stream video advertising placement allows you to deliver 5–15 second mid-roll video ads to people watching videos on Facebook and through Audience Network. If you need to deliver longer or more complex messages with sound on, you may consider using in-stream video.

Learn more about In-Stream Ads.

Take the Build Your Brand with In-Stream Video Ads Blueprint eLearning course.

VIDEO AD SOLUTIONS

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

03 TAKE A STRATEGIC, SIGNALS-BASED APPROACH TO

PERSONALISED MARKETING

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

Source: Retail Banking Consumer Journey Study by Accenture (Facebook commissioned online study of 1000 respondents, ages 18+, Australia, Nov 2018- Feb 2019).

SIGNALS CAN HELP YOU IN 3 WAYS:

Improve campaign relevance by delivering the right content to the right people01Increase campaign value by optimising for maximum returns02Understand campaign impact through insightful measurement to better plan future campaigns

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>72%OF MILLENNIAL RETAIL BANKING SHOPPERS SURVERYED ARE WILLING TO SHARE ANY FORM OF DATA IN ORDER TO RECEIVE PERSONALISATION

Increasingly, millennials are expecting personalised financial services offerings—that are tailored to their individual needs.

Facebook offers online and in-app signal solutions to help financial services marketers understand the ways that people are interacting with their business, across multiple channels. By using a signals-driven approach, you can leverage machine learning and personalise your marketing efforts based on exactly what your customer wants, and when.

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

People are spending more time consuming content in mobile apps. As this trends continues to grow, apps are becoming an even more critical part of the consumer journey and it’s crucial that businesses have a clear understanding of who is using their app and how they are interacting with it.

In-app signals can be leveraged to unlock our most powerful ad targeting, optimisation and measurement solutions. They provide valuable insights into people’s behaviours and where there are opportunities for a business to grow. App Events—the actions and activities that people take while using your app—can be set up and accessed by installing the Facebook SDK.

Learn more about how to install the Facebook SDK.

IN-APP SIGNALS FACEBOOK SDK SUCCESS STORY

STARLING BANK

The British mobile-only bank found more customers for its new bank account with the Facebook SDK and ad solutions, which the bank credits with driving a 36% drop in cost per bank app install.

What’s on your mind?

of account opens from all paid platforms in November 2017 were attributed to Facebook and Instagram

44%

of leads from Facebook converted to account in November 2017

32%

decrease in cost per bank app install between August–September 2017

36%

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

Online signals help businesses to understand how people are interacting with their website. For example, a business may want to better understand the path to conversion. Events—actions that people take on your website—higher up in the conversion funnel can help them understand where people drop-off or which interactions lead to conversions. Events lower in the funnel can help them reach more people likely to convert.

Online signals can help businesses track conversions on their Facebook ads, optimise their ads for people most likely to convert, and generate audiences to better target their ads. Online signals can be enabled via the Facebook Pixel.

Learn more about how to install Facebook Pixel.

Take our Introduction to the Facebook Pixel Blueprint eLearning course.

ONLINE SIGNALS FACEBOOK PIXEL SUCCESS STORY

SOFIUsing Instagram and Facebook along with a signals-based strategy to successfully boost brand awareness, educate prospective customers and increase pre-approved loan applications. SoFi used the Facebook pixel to evaluate the direct response results from its campaigns, and partnered with Nielsen Brand Effects to determine the campaign’s brand impact.

lift in brand awareness

15pt

increase in intent to get a loan from SoFi

5pt

increase in pre-approved applications for loans

39%

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

AD SOLUTIONS USING ONLINE AND IN-APP SIGNALS

TYPES OF PERSONALISATION THAT MILLENNIALS VALUE MORE THAN THOSE 35+:

FACEBOOK AD SOLUTIONS FOR PERSONALISATION:

“Personalised social interactions”

“Pre-filled account information”

“Proactive customer support” MESSENGER

Source: Retail Banking Consumer Journey Study by Accenture (Facebook commissioned online study of 1000 respondents, ages 18+, Australia, Nov 2018–Feb 2019).

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

CUSTOM AUDIENCES

DYNAMIC ADS

LEAD ADS

FACEBOOK LOGIN

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

After implementing Facebook pixel or SDK, you can create Dynamic ads. Dynamic ads automatically show the right products to people who have expressed interest on your website, in-app or elsewhere on the internet. Simply upload your product catalogue and set-up your campaign once, and it will continue working for you as long as you want—finding the correct people for your products—whether it be home loans, credit cards or transaction accounts.

Learn more about Dynamic Ads.

Take our Turn Shoppers into Buyers with Dynamic Ads Blueprint eLearning course.

CUSTOM AUDIENCES DYNAMIC ADS

Facebook Custom Audiences are built from customer data that you have on hand, making it easy to reconnect with the people who have already shown interest in your business.

Install the Facebook pixel on your website to create an audience of people who have visited it. You can even use site traffic data to show people ads for products that they’ve shown interest in on your website.

Learn more about Custom Audiences.

Take our Use the Pixel to Create Custom Audiences Blueprint eLearning course.

Contact listUse data from your CRM system or customer contact lists—such as phone numbers or email addresses. We’ll find Facebook accounts that match that data but we don’t share who matched.

App users

By installing the Facebook SDK in your app to create an audience of people who use your app, you can inspire customers who use your banking app to view a new product.

Site visitors

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

2.5%MORE LIKELY THAN THOSE 35+ SURVEYED TO WANT TO SIGN UP FOR NEW PRODUCT ON MOBILE IF THEY COULD

Facebook Login gives people a personalised experience, so they’re more likely to find the things they want on your site or app. Help people minimise time and effort to register to a website or app in a secure, fast and convenient way.

Learn more about Facebook Login.

Increasingly, millennials are expecting frictionless experiences and looking for mobile solutions that save them time.

Filling in forms can be difficult on mobile. Facebook lead ads makes the lead generation process easy. People can simply tap your ad and a form pops up—it’s already pre-populated with their Facebook contact information and ready to be sent directly to you.

Learn more about Lead Ads.

Take our Simplifying Lead Generation in a Cross-Device World Blueprint eLearning course.

Source: Retail Banking Consumer Journey Study by Accenture (Facebook commissioned online study of 1000 respondents, ages 18+, Australia, Nov 2018–Feb 2019).

LEAD ADS SUCCESS STORYFACEBOOK LOGIN

LEAD ADS

STANDARD BANK

Through its lead ads campaign, the South African bank’s direct life insurance services increased the number of sales leads from Facebook at a fraction of the cost of other paid advertising channels during the same period.

customer satisfaction80%

reduction in negative comments on Facebook

53%

reduction in response time (3:40 average first reply time)

95%

What’s on your mind?

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

Connect directly with your customers to offer support, gather feedback and re-engage at scale. Conversation helps build strong relationships with your customers or prospects. Nurture those relationships into long-term loyalty and drive the business outcomes you care about at every phase across the customer journey.

Learn more about Messenger.

Take our Introduction to Messenger Blueprint eLearning course.

Source: Retail Banking Consumer Journey Study by Accenture (Facebook commissioned online study of 1000 respondents, ages 18+, Australia, Nov 2018–Feb 2019).

MESSENGER SUCCESS STORYMESSENGER

SWITCH BY AXASwitch, AXA’s insurance offering for young people, reinvented its communication strategy for clients by adding Messenger as a new option for customer service. By partnering with Dimelo, AXA connected live chat to Messenger to reduce response times by 95% and bring customer satisfaction to 80%.

customer satisfaction80%

reduction in negative comments on Facebook

53%

reduction in response time (3:40 average first reply time)

95%

97%OF MILLENNIAL SHOPPERS SURVEYED SAY THEY’D BE COMFORTABLE INTERACTING WITH RETAIL BANKING BRANDS VIA A MESSAGING APP

CONNECTING WITH MILLENNIALS: RETAIL BANKING MARKETING GUIDE

RESOURCES

Download the Connecting with Millennials— Retail Banking Research Report

Visit Facebook IQ to access more research

Find out more about our ads with the Facebook Ads guide

Learn more about our solutions with over 90 free eLearning courses with Facebook Blueprint

See more financial services Success Stories

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