Earning NextGen Business Starts with Likes and Follows
By Morgan Smith, Contributor at The Financial Brand
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Executive Summary
- Community banks without a strategic social media presence aren’t just missing impressions — they’re missing out on the next generation of account holders.
- For Gen Z, Instagram, TikTok and YouTube aren’t just distractions; they’re where financial decisions are researched, debated and validated.
- Banks that continue treating social platforms as an afterthought risk ceding loyalty and deposits to more visible competitors online — long before a customer even considers walking into a branch.
The demand for financial information and advice on social media is already there.
A 2023 Bankrate survey found that 30% of Americans now turn to social media for financial advice, making it the third most popular source after friends and family (47%) and financial professionals (35%). Among Gen Zers, that reliance jumps to 76%.
Young Americans aren’t just consuming this content — they’re acting on it. Research from Intuit Credit Karma shows that 60% of Gen Zers have taken financial action based on something they saw online, and roughly two-thirds say it improved their financial situation.
With less access to professional advisors and a strong preference for online learning, Gen Z is more likely than any other generation to turn to TikTok, YouTube, and Instagram for financial guidance, according to a recent report by the CFA Institute.
These platforms have effectively become their primary source of financial education, not through banks, but through “finfluencers” who package budgeting tips and investment advice into fast, relatable, and free content.
This shift should serve as both a warning and an opportunity for community financial institutions. Young customers aren’t waiting to walk into a branch or book an appointment with an advisor; they’re forming money mindsets through swipeable content.
And they’re increasingly willing to reward the institutions that show up for them in those spaces. A PYMNTS Intelligence report found that more than half of Gen Z and millennials are considering switching to a community bank or credit union, driven not just by digital convenience but by a desire for more personalized guidance.
“Financial institutions need to understand that Gen Z is often seeking social media first for financial advice first than other sources, and we can either belittle or criticize that or we can lean into that and say, ‘This is where they expect to be met, so let’s meet them where they are.’” Allison Cerra, chief marketing officer at Alkami, a digital banking provider, tells The Financial Brand.
Social media isn’t just a branding tool, it’s the new frontline for financial institutions to build trust with Gen Z consumers.
Speak Gen Z’s Language: Authenticity over Advertising
When it comes to social media content from financial institutions, flashy production and hollow trends won’t always win over Gen Z. .
What does? Content that feels real, useful — and often, funny.
The Credit Karma report found that Gen Z is most actively seeking content about budgeting, taxes and credit card debt. In other words, basic financial literacy still holds the most power. not complex investment advice or product promos.
“The top search questions we see are still things like: What is a checking account? How is it different from a savings account? Why should I have one over the other?”
Alyssa Armor, VP of Product for Financial Solutions at Vericast, tells The Financial Brand.
This is where tone matters just as much as topic. “Gen Z has a very strong B.S. meter,” Armor adds. “They don’t want to be sold to, they want to be spoken with. They notice authenticity, purpose and relevance.”
Dig deeper:
- If Banks Don’t Know Know Gen Z Customers Personally, They Won’t Know Them at All
- Why Quality Over Quantity Is The New Banking Social Media Strategy
- Close the Gen Z ‘Relevancy Gap’ Now or Watch Them Leave
Bryan Carson, executive vice president and chief product and marketing officer at Associated Bank, says their best-performing campaigns reflect that simplicity and authenticity.
One standout example was a sponsored Instagram post with Midwest comedian Alex Wehrley, who riffed on “signs you’re Midwest rich” while casually promoting the Wisconsin-based bank’s credit monitoring tool. The video drew over 20,000 likes and hundreds of comments praising the humor and relatability.
“You can’t just post branded content and expect it to perform,” Carson says. “Local influencers work, they’re well-known, they’re more relatable.”
Financial education isn’t always the hook. “Young people don’t always want to be educated … they want to laugh, they want to smile,” he adds. “They like to see the humor in things, so we try to mix in funny posts.”
And for banks trying to break through crowded feeds and split-second attention spans, brevity is non-negotiable.
“Get to the point quickly. Short videos, and make sure your main message is upfront,” Carson advises. “The average view on TikTok is only a few seconds before people scroll, so the content has to be engaging immediately.”
The results speak for themselves: Associated Bank has seen direct account openings tied to paid social campaigns — a channel that, despite being just two years old for the institution, is already among its strongest drivers of new customer acquisition.
Don’t Just Market to Gen Z, Let Them Shape the Message
To create content that truly resonates with Gen Z, the most effective move may be the simplest one: hand the creative reins to the people you’re trying to reach.
“There’s no better way to figure out what will appeal to younger consumers than to put some of your own talented Gen Z employees on the charge and figure out how to use Gen Z to connect to Gen Z,” Cerra points out.
Jill Castilla, the chairman, president and CEO of Citizens Bank of Edmond, has seen the benefits of this approach in real-time.
“Some of our strongest campaigns were born out of brainstorms with our Gen Z interns and employees,” she says.
That includes the launch of “Heard on Hurd,” a monthly food truck and music festival the bank hosts in downtown Edmond and promotes on social.
The festival’s Instagram account, alone, has more than 12,000 followers — and has been a useful tool for Citizens Bank to leverage collaborative posts with their main account to promote new products and initiatives in a subtle, authentic way.
Having a Gen Z social steering committee can also help financial institutions “avoid the cringe,” Castilla adds.
“If something is off trend or missing the mark, your younger employees will tell you,” she says. “But first you have to create an environment that encourages collaboration and feedback.”
Measuring Social Media’s Real ROI
Financial institutions aiming to engage younger demographics should look beyond account activations when measuring success on social.
Cerra says engagement metrics including impressions, shares, and comments often provide a more meaningful signal.
Community banks, in particular, should embrace social’s “more opaque” nature, Cerra adds, recognizing its value alongside traditional marketing channels.
“Rather than trying to trace a red line all the way through to an account activation, use the common sense of knowing this is where the audience is and go where the audience is,” she says. “Focus on winning the air wars and winning the narrative.”
The oldest members of Gen Alpha are 14, so it may be premature to engage with them directly on social. That said, financial institutions can still begin fostering brand loyalty. Armor suggests proactively building relationships with this demographic and their parents by collaborating with local schools, libraries and other community organizations to create financial education content for social media platforms.
Carson agrees that success doesn’t require a full overhaul of a social strategy. Associated Bank has seen the strongest engagement by running just two to three campaigns at a time, even if one doesn’t perform as expected.
“Our job in marketing is to take calculated risks to respond to our customers’ evolving needs, and as long as you have a test and learn approach, it’s hard to go wrong,” he says. “Social media might seem a bit daunting at first, but as you get into it, you realize it’s actually kind of easy and it’s fun, and you get great results from it.”
