Banks corporate reputations and social media : How to appeal to Millennials ?

Abstract

Reputation has always been a top priority in managers’ mind across all industries. And the financial sector is no exception. In the lights of recent events, banks have seen their reputation plummet down. With the internet and the slow crawl towards a more digitalization in our lives, it seems that fewer banks are willing to meet face to face with their banker. Banks in Belgium are known for being pioneers in online banking. The generation Y, which makes 25% of Belgium population, has also taken a keen interest in doing its financial business online instead of going to branches. Banks can definitely work on their corporate reputation online, by creating a feeling of trust and involvement for Millennials. This research studies the several manners that Belgian banks can use and work on in order to reconcile with Millennials and retain their attention. While several solutions were discussed, our conclusion can be summarized as such. For banks to improve their reputation and fortify their presence online, they will need to engage and appeal more to Millennials. This means that banks will need to control the type of content they share on social media, stop sharing highlights of their projects but try instead to work on pulling Millennials towards them, co-produce with them and finally make them feel involved and not just a marketing target.