Issue 3. 2022 29 2 the unique advantage they hold over their social media rivals: an ability to proactively reach out and connect on a personal level with customers and prospects anytime, anywhere and from any channel. Does that mean “friends and family” status with consumers is achievable? How Do You Promote Loans and Build Trust? The answer is ubiquity, relevance and empathy. People not only want — but expect — to receive easy and convenient access to loans, advice, guidance, and financial services designed to help them survive inflation and prepare for the economy’s next period of growth. Omnichannel Lives Require Omnichannel Approaches It’s not enough to focus your loan marketing efforts on a single channel, or two, even. Successful financial marketers know their customers expect a connected and omnichannel experience and make a point to deliver that experience to the channels they prefer to interact with most. Understand Customers Better Using Data and Insight All those channels mean there’s no single path consumers will follow to engage with you. It also means the paths will be more complex. There are numerous data points involved that indicate consumers’ needs and preferences, their key decision drivers and acceptance barriers, and what inspires them to act, just to name a few. It’s critical to get to know your customers and potential customers, including how they navigate life, both online and offline. Only then can you build an efficient and effective loan marketing strategy that engages consumers how, when and where it matters. Provide Value Financially and Emotionally Rising prices are putting a strain on consumers financially and emotionally. A slowing economy and skyrocketing inflation are eating up their savings as they struggle to fill their tanks, put food on the table, and even purchase everyday essential retail products. Customers will still need money for the basics, like food, gas and essential everyday items but also seek funds for major purchases, home repairs, tuition, and savings for unplanned expenses. Offers for home equity loans, credit cards and personal loans provide the immediate financial relief for mounting consumer money woes. “I get my financial advice from family and friends.” 45% Gen Z 45% Millennials 47% Gen X 45% Baby Boomers Our survey revealed three out of four of respondents say the amount of money in their bank account impacts their mental health. 1 It’s no secret that over the last twoplus y ars public trust in our nation’s leading institutio s has seve ely declined. What ver the r ason, people are less likely to look outsid of their inner circles for guidance and advice on important life decisions. Verica t Surv y Reveals a Disturbing Trend What you may n t realize is the shift from in itutional trust appears to have bled into the financial services industry. Our recent survey of 1,000 U.S. adults revealed this alarming trend: people are increasingly turning to alternative sources for financial information, advice and assistance. While our poll shows that every generation is affected, the change in attitude and behavior of Generation Z (ages 10–25, our survey included those 18–25) stands out. This coming-of-age generation, now with more income to spend, save and invest, is the most likely to report that they may seek financial advice from online practitioners who in many cases appear far less qualified, knowledgeable and a countable than professional financial advisors. It’s Not Only Gen Z With Trust Issues A notable percentage of millennials (25%) and Generation X (22%) say they also turn to YouTube videos for important financial planning advice for paying off debt, choosing loans, opening credit card accounts, taking out home equity lines of credit, and more. Yes, It has Come to This … More than 60 percent of all survey respondents said they seek financial advice from social media. Institutions ust now compete with Tik Tok®, YouTube® and other sometimes opportunistic social media influencers for the opportunity and privilege of being consumers’ go-to for the financial advice, products and solutions they nee to navig te surging inflation and a slowing economy. Interestingly enough, the resource that scored highest across all generations was friends and family. Financial Institutions Have a Clear Advantage This additional survey information provides financial institutions with valuable insight into LOAN STRATEGIES TO HELP YOUR CUSTOMERS FIGHT INFLATION AND EARN THEIR TRUST Stephenie Williams Vice President, Financial Institution Product and Strategy, Vericast 34% of Gen Z consumers surveyed say that they are getting fina cial advice from TikTok® and 33% are getting it from YouTube®, while only 24% of this age group are seeking advice from financial advisors. →
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