Miruna Codeanu

Bringing Banking to Social Media

In cappuccino on March 18, 2015 at 9:03 am

facebookbank 2015 : 7 years have passed from the economic crisis of 2008. The millennial generation is rising and becoming the main buyer. Banks have been shattered by the crisis of 2008, not only economically, but also in terms of image. Banks need rehabilitation. Banks needs rebranding and also positioning in front of their new main target: millennials. Will banks make it in the sharing economy, will banks be able to attach strings to a generation that showed they hate them?

I’m a millenial. Most of my friends are millenials and we do not like banks. Sure, we carry and deal with credit cards, but most of us, if given the choice would never consider a loan. Morever, we’re educating ourselves into the sharing economy. Uber wants to make owning a car despicable. Sure, Uber will never educate me into that, simply because I am a driving addict, but for most of my peers it will work. All right, all right I’m quite atypical for my generation as am a owner of things, but hopefully, you will never see me dealing with a long term loan and most of my friends. Those who have to deal with one, would never do it again. That, in contrast with generation X who loved loans and banks, they relied on banks, they lived theirs lives on loans. The bitcoin and all the digital coins around are manifestations of this generation’s hate towards banks and a system they’ve seen failing.

paymentsBanks now face two challenges: rebranding to the public eye and building a relationship with the millennial generation. On top of that, here’s something we could foresee. With social media entering all domains, social media giants might be soon targeting banking. Here’s what caught my attention today: Facebook now lets you send money to friends. Money transfer is literally two clicks away and they claim it is absolutely safe. As far as I can tell you, as a Facebook advertiser, the credit card information has been safe with them by now. Obviously, this is just a baby step towards bringing social media in banking and bringing tech giants in banking. Obviously, Facebook payment is based on existent banking services. For now.

Will bank face up to the challenge? Will banks, quite rigid institutions know how to adapt to the sharing economy and millennial? Will banks be able to build themselves a better image? Or will social media giants take over banking as well?

  1. […] Whoa. Whoa. Remember when we were talking about how banks need to rebuild their trust and also adapt to social media? I was concluding banks are failing at doing these things, but here’s a marketer that wants […]

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