Social media influences young consumers’ choice of bank

Ad-ology’s “Media Influence on Consumer Choice: Banking” survey found that around 20% of U.S. consumers between the ages of 18 and 24 were influenced by online video when it came to choosing a bank.

However, over a third were influenced primarily by social media such as social networking sites, blogs and online reviews.

“Reaching young consumers early and getting them to establish that first account can make them customers for life,” said C. Lee Smith, president and CEO of Ad-ology Research. “Social media is the way to reach that younger demographic and develop those lifelong relationships.”

The report also found that banks that supported a charity influenced the younger demographic (17%) as did recommendations from family and friends (15.4%) and sports sponsorship (12.6%).