Author: Dillon Baker / Source: The Content Strategist It’s no secret that trust in the financial sector took a hit after the 2008 financial
It’s no secret that trust in the financial sector took a hit after the 2008 financial crisis. This is particularly true among millennials, who, in 2016, overtook baby boomers as the largest generation.
More than any previous generation, millennials have shown reluctance to engage with the finance industry: Just 1 in 3 millennials have money in the stock market, only 33 percent own a credit card, and homeownership among millennials is historically low. A Contently survey from 2016 showed that 30 percent of millennials didn’t trust financial services companies, while 43 percent were unsure.
Finance firms aren’t the only thing millennials tend to mistrust. Disruptive advertising has also been particularly ineffective for reaching the generation. Most YouTube ads, for example, are skipped as soon as possible by millennials—assuming they’re even watched in the first place. Two-thirds of millennials use adblocking software.
Content, on the other hand, is proving to be a more customer-friendly option. In our survey, 47 percent of millennials indicated they’d be more likely to trust a financial services company if it created useful content.
“I think the generations that are coming up today demand transparency and engagement from brands,” said Amanda Rubin, global co-head of brand and content strategy at Goldman Sachs. “They want to sit across the table with a company that they understand more holistically.”
Leveraging expertise and building trust
Though the finance industry remains highly regulated, marketers are not shying away from using experts to earn trust with their content.
“Readers really want to see you being unbiased… The more that you have financial experts or people that truly know what they’re talking about writing these articles and by-lining them the better,” said Meredith Wood, VP of content at Fundera, a small business loan fintech startup.
At Goldman Sachs, expertise is abundant. Though the firm cannot legally provide financial advice, the content features insights from Goldman’s research team and other experts to provide insight on a variety of business and general interest topics, such as the future of cars, biotechnology, the workplace, and so on.
“There’s some tremendous thinking that goes on here that can be leveraged for broader consumption,” Rubin said. “We’re all about creating value for the external audiences, and that’s partly why we’ve moved toward content.”
The result is content that builds trust, which is key for finance brands hoping to develop relationships with loyal customers during a highly competitive time.
‘Social-first’
Some finance brands are finding it difficult to get their content seen, even if the quality is there. Not surprisingly, they’re turning to where millennials—and increasingly the internet as a whole—spend their time: social media.
Lindsey Burgess—CMO of You Need…
COMMENTS