Say it with me: “Podcast.”

Targeting the younger generations is an issue facing financial institutions across the country; as a result, we are constantly asked: “How do we market to Generation Y?” One tool, which seems to be gaining popularity in every industry except financial services, is the Podcast. When we suggest that a client use Podcasts to educate and attract younger customers – we are usually met with blank stares, utter confusion and the question: “Podcast? – What is a Podcast?”

Essentially, a Podcast is an audio file that you record and post online for others to download; the goal is often times to educate, inform, entertain and/or answer questions as audio – rather than as simple text. This allows your audience (customers and prospective customers) to download the file and listen to it at their convenience.

American Banker recently featured Financial Center Credit Union as an example of an institution taking action to target Generation Y - using Podcasts. FCCU has developed a Podcast series called “Talkin About the Benjamins” which addresses issues important to Generation Y, and is reported to receive over 1,000 hits a month – primarily from the younger generations.

The Podcast is just one of the many changes in marketing media and avenues. While Generation Y commands attention, the most successful institutions are well aware that this segment deserves attention, and are willing to take on new initiatives, like Podcasts, to serve them.