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Friday, September 15, 2006

Banks Jump to Social Nets to Reach Gen Y

Banks and other financial services firms are increasingly turning to social networks to reach Generation Y. ING Direct has a program running on YouTube to reach first-time homebuyers. Meanwhile, Chase Credit Cards has a promotion running with Facebook (login required). Users who sign up for the card receive a free Facebook card holder as well as Karma Points that enhance their Facebook status.

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Chase is looking for young customers. They know that people who build trust-relationships with banks will stay with them until overwhelming circumstances cause them to leave. Changing banks is annoying. Customers in their twenties, if carefully attende... [Read More]

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We're using social media to reach Gen-Y through initiatives like our Stagecouch Island virtual world (http://www.stagecoachisland.com) and our new Student LoanDown blog (http://blog.wellsfargo.com/studentloandown). It's an exciting time--exploring the rules and results these evolving approaches provide us.

Ed Terpening, Enterprise Blogging Team, Wells Fargo.

Another showcase of Banks' innovative approach comes from Europe:  Your Neighborhood Bank Becomes Your Trusted SaaS Provider

For an interesting credit union example, see http://techcrunch.com/tag/changeeverything

Makes total sense. Get Gen Yers as customers, and it may well filter down to gaining them, friends, and family for lifelong accounts.

This creates ideas for non-banks to develop similar programs for their customers if businesses are looking for new incentive programs.

The ING DIRECT campaign on YouTube can be seen at http://www.youtube.com/profile?user=MoveOutMoveUp which promotes the home base site that includes additional content including games and a secret offer: http://www.MoveOutMoveUp.com

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