- Accept they are young and connect with them while in school
Become known for your free financial education about everything from budgeting to saving to managing credit and beyond. It’s an old principle to connect with potential customers when they are young to build loyalty early. Financial education in schools is this early connection, then keep the financial counselling going after they open their first account with you. - Recruit Gen Z-ers, rather than young Millennials
There’s nothing better than first-hand knowledge of what works or doesn’t for this group. Mentor your staff on messaging and how to take criticism. - Socialization defines this generation
Research from the Center for Generational Kinetics has shown that Gen-Z likes to share how much they are saving with their friends. Within the rules of financial confidentiality, support this impulse to share financial experiences online or even within your branch. - Be smart on monitoring and measuring digital experiences
Your next generation of customers interact via screens all the time and are hypersensitive to anything that doesn’t look right. You need to be too. Look at your omnichannel strategy and make sure it’s smoothly and reliably delivered. - Saving, rather than spending, is a financial driver for Gen Z
Support this drive and keep developing innovative savings products and services that automatically save money into accounts for anything from fashion and technology to concerts and travel. - Provide services that further support managing cash and credit on smartphones
The habits of this generation are moving closer to ditching debit and credit cards altogether. This makes how in-branch self-service machines interact with smartphones for authenticating and accessing services more important than ever, and updating digital wallets is key. - Offer access to a bank branch and a live person.
Train your colleagues with the right consultative skills for this generation. Your people become vital brand advocates who this generation need to identify with and regard as authentic. See how in-branch systems can help personalize one-on-one services. - It’s true – Gen Z loves online videos
Leverage YouTube for how-to video advice on financial matters but also consider how you can offer face-to-face financial advice over live video. - Responsibly collect and use data
Younger generations share a great deal of data about themselves. It is crucial to anticipate the needs of customers with this much available data. - Get ready for Generation Alpha
All the above, but more so. This generation is growing up in the world of the Internet of Everything. Their online and offline worlds are totally integrated. Find them at school and connect now.
*Contributions by Mark Aldred, head of international sales, Auriga
Ready to implement a high-impact, turnkey solution for financial literacy through education and outreach?
Contact NTC to leverage our creative engagement strategies and targeted outreach methods to put your message to work in your community.
Nikki Swoboda
nswoboda@ntccorporate.com
763.452.1167
www.ntccorporate.com/financial-literacy
