Millennials and Gen Z are transforming personal finance by seeking financial freedom and embracing solutions that match their values and preferences. Being tech-savvy and driven by research, they have specific expectations for financial services. Traditional financial institutions need to evolve to stay relevant.
Attracting younger generations is crucial across industries, but it’s especially important in financial services where these individuals could become loyal lifelong customers. To attract their target audience, financial institutions must look at the data.
Winning with Millennials and Gen Z
In May 2023, Sogolytics conducted a study of over 1,000 U.S. consumers to understand their banking preferences. In a recent webinar, our team presented key findings. During the 50-minute session, presenters and participants explored these key areas:
– What it takes to win with Gen Z, millennials, and other generations
– How consumers prefer to get information and interact with primary financial institutions
– How to keep track of the evolving expectations of your target audience
– How to add fintech advantages while staying true to your organizational and community values
Here are some key insights and strategies shared during the webinar for financial institutions to attract and retain millennials and Gen Z customers.
Consumers’ Banking Priorities
Many articles advise consumers to consider an institution’s values and fees when choosing a financial institution. However, our research indicates that for those under 45, the most important factors are mobile banking, financial stability of the institution, and location. For those over 45, location is the top priority, followed by financial stability and deposit insurance.
Using Social Media to Connect with Customers
The old marketing saying, “Be Where Your Customers Are,” is highly relevant for engaging Gen Z and millennials, who are active on social media, mobile apps, and online forums. How effectively are banks and financial institutions using these platforms to engage with customers, answer questions, and provide support?
The social media results are particularly striking for Gen Z, who are five times more likely than older consumers (41+) to get financial advice from social channels. Moreover, 34% of Gen Z consumers seek financial advice from TikTok, despite concerns about the security of third-party apps. Are you ready to deliver a truly omnichannel experience?
Proactive Strategies Covered
If these questions resonate with you, this session can help! Consider these challenges:
– How to keep track of the evolving expectations of your target audience
– How to attract and retain Gen Z and millennial customers while earning their loyalty
– How to leverage market research data and make CX automation work for you
– How to win ‘Cool Kids’ with social listening and gather actionable data
– How to tell your brand story in a way that connects with younger generations
– How to truly personalize customer experience
– How to showcase your organization’s community involvement
Discover how financial institutions can deliver a seamless digital experience, foster customer engagement through personalized interactions, and build lasting relationships with millennials and Gen Z customers.
