Banking for Gen Y and Z’ers
19 Feb, 2022
The days are officially here. Millennials (aged between 18-35 years have taken over the demographics across nations. Growing up exposed ‘too big to fail’ financial institutions failing, Enron Scandals, and other bubbles, traditional banking route has not been their fan. Being exposed to an era of rapid innovations, Millennials pose a unique stance when it comes to handling their finances.
What do these young generations want?
Despite surveys showing this generation is “banking averse” Millennials are ‘rooted’ customers once they start to build a trust with a bank. Exposed to direct interactions with brands through digital media, Millennials seeks transparency, quick turn-around times, stream-lined process at the click of the button, and at the same time place the extra importance of quality of service and personal interaction for grievance handling. They prefer data analysed, app-driven suggestions for their investments over fund managers.
How can you translate these findings?
Start early, target this experience-hungry generation by giving them opportunities that they connect with. They look for the personal connection to associate with brands. Making them feel special through advance announcements, unique personalized discounts come a long way. Understanding that their success version of success is happiness is your need of the hour.
One such local bank starting showing up in engagement spaces including local fairs, organizing space for restaurant reviews saw a profound increase in its millennial customer base. Others have started to offer self-educational content that helps them connect reach out better.
Who is the Gen Z’ers?
Keeping the Gen Z'ers in mind is essential. They have more saving mindset than the Millennials and trends have shown that banks should ideally start setting up their shops within schools. This is, however, the only striking difference that was seen between the two generations.
With that said, the right time to start targeting these audiences is now. It takes time to build a community, especially if you are looking at a global impact. Changing the narrative of your existing platforms to align with a community would not just get you a solid customer base and on trend with the Gen Y and Gen Z.