Monday, September 13, 2010

Boomers and Engagement Banking- two trends converging?

A couple of recent posts last week caught my attention.
The first was a MarketingProfs post. They, along with many others social media sites, highlighted a Pew Research study that found the fastest growing demographics among social media users is adults age 50+. In one year, use of social media by these online users doubled to 46%.
The second was the launch of a new site called Banking on the Future jointly by Sapient Nitro, Geezeo, and Brett King. The premise is that we (bankers) are entering a new era they call Engagement Banking. This will go well beyond the traditional branch relationships by using Technology to engage customers in many different ways.
While separate items, they appear to be the converging of two very similar trends. Boomers are moving to the social media space in droves, embracing this "new" way to engage their friends, family, and merchants. Bankers, or at least the one's looking to engage their customers, are adding services like Personal Financial Management tools and mobile banking. Interestingly, the focus for engaging customers, whether through social media or new financial management tools, has traditionally been aimed at the younger generation. Given the recent trends, that may not be true for long.