Banks and credit unions can't treat generational traits as the final word in how to serve consumers. Try looking at who heads the households.
The industry assumes Gen Z will only be attracted to fintechs, but they still have a soft spot for traditional banking providers.
The two generations have some similar banking preferences, but banks and credit unions shouldn't assume both age groups are alike.
Studies are great, but hearing directly from members of this up-and-coming generation provides a virtual focus group of marketing insights.
Revamping banking to fit the 'customers of tomorrow' may not actually pay off for banks and credit unions in the long run.
If financial institutions keep marketing to Gen Z like they did Millennials and Gen X, they'll keep coming up short.
Three strategies will help banks and credit unions meet younger generations' challenges during COVID slump.
Data confirms one idea about mobile/web product expectations but refutes two others relating to personalization and willingness to pay.
Despite all the fintech apps, consumers will give more business to traditional institutions if service is personalized, imaginative, trusted.
Looking to cement its dominance in retail banking, Bank of America created Life Plan 1.0, a digital app tightly tied to in-person experience.
Preoccupation with young consumers leads many to miss the huge digital potential of older adults. Often only small UX adjustments are needed.
Having some type of bank account with Amazon, Google or Walmart appeals to young adults, but many prefer to open checking accounts in person.
For the members of Gen Z, it's a Venmo world. But for these tech-savvy consumers trust is as important in their banking as convenience.
imagin from CaixaBank is a lifestyle platform that supports a community of Millennials where engagement extends beyond banking services.
Slapped by layoffs and furloughs, the youngest American workers will squeeze every nickel harder but they'll still spend.
If not offered the right digital tools, Millennials and Gen Z will put the funds in fintechs that compete with banks and credit unions.
8 strategies that can help counter the massive life shift that banking's next generation has had thrust upon it by the coronavirus pandemic.
Traditional banks and credit unions, thrust into a nearly branchless role by coronavirus shutdowns, can learn from new J.D. Power research.
Younger adults want both technology and personal support from their banking provider. Right now, the megabanks are best at providing both.
Don't think piggy bank. Think mobile apps and banking cards for digital natives. Fintechs are pulling ahead in Gen Z 'pocket money' accounts.
Community banks and credit unions may already be losing their chance at serving this generation because mobile makes first accounts stickier.
Money is their #1 stress. Teach these young consumers about personal finance without any slant and you'll earn their trust and loyalty.