Banking On Millennials

The financial industry is undergoing a digital makeover. Driven by the need to enhance customer experience and engagement as well as improve operational efficiencies, digital is no longer an option but a business strategy.

This is particularly true for developing markets such as Indonesia where the availability of smartphones, better infrastructure and connectivity are all contributing towards increasing the rate of digital penetration.

Then, enter the millennials. Significantly outnumbering the baby boomers, millennials now represent most of the global workforce. In Indonesia alone, millennials are projected to account for around 58% of the nation’s population by 2027. This particular generation is currently working, earning their own income, saving and also making investment decisions on a daily basis. Whether saving for a trip abroad or purchasing their first property, important financial decisions are being made and planned for the future at this stage of their life.

Millennials also live their lives on their mobile devices. In fact, they are the generation that grew up with the rise of smartphones and the Internet. From booking a ride to purchasing their groceries, everyday needs are just a swipe away for many of them. This is why going digital makes sense for financial institutions as they look to target the millennial audience.

Capturing millennials’ attention

When it comes to capturing the young, tech-savvy audience, brands need to look at innovative ways to break through the digital clutter and create meaningful experiences that work. Gone are the days when you can simply put an ad on paper and hope consumers will march in store.

Highlighting the need for an innovative approach to marketing, Waze currently partners with Bank Mandiri — one of the largest banks in Indonesia — to attract young, tech-savvy millennials. The first partnership for Waze with a financial institution in Indonesia, the collaboration aims to build awareness about the brand.

A key part of the collaboration is a voice campaign. For this, Bank Mandiri teamed up with Indonesian badminton star, Jonatan Christie (affectionately known as “Jojo”) to provide turn-by-turn navigation for Wazers in Indonesia. A rising star athlete popular among millennials, Jojo made his mark at the 2018 Asian Games by securing a badminton gold medal.

Waze users in Indonesia may opt to use the badminton star’s voice for navigation directions by visiting the app settings and selecting this option.

And the results?

Currently, over 74,020 Wazers have navigated the roads with Jojo’s voice with the total number of driving usage reaching up to 763,009. This has resulted in a total of 491,838 drives time (hours) and 8,577,078 distance driven (km).

From the brand’s perspective, the campaign allows Bank Mandiri to be a part of their audience’s day-to-day journey, increasing overall awareness and visibility.

Beyond that, the campaign engages the target audience in a meaningful way. In today’s digital world, consumers — particularly millennials — are constantly bombarded with messages. It’s not easy to stand out among the crowd, let alone getting them to engage with your brand.

The key is about being relevant: being able to engage your target audience in the right time, at the right place and with the right message. And to add a little bit of fun when you can. Or in this case, give your brand a voice to engage with your target audience.

After all, what better way to accompany your daily commute than hearing your favourite athlete guiding you home?