{"id":2697,"date":"2023-06-05T18:37:33","date_gmt":"2023-06-05T18:37:33","guid":{"rendered":"https:\/\/shiny.agency\/blog\/?p=2697"},"modified":"2023-06-05T18:37:33","modified_gmt":"2023-06-05T18:37:33","slug":"three-ways-financial-services-companies-can-win-gen-zs-loyalty","status":"publish","type":"post","link":"https:\/\/shiny.agency\/blog\/three-ways-financial-services-companies-can-win-gen-zs-loyalty\/","title":{"rendered":"Three ways financial services companies can win Gen Z’s loyalty"},"content":{"rendered":"\n
\"woman<\/figure>\n\n\n\n

Gen Z is keeping me up at night. As a mother of two Gen Z kids, I sometimes find myself awake at night ruminating about my children being in a position to make wise use of their income and having the discipline and diligence to save for their future. As a marketer, I sometimes find myself staring at the ceiling thinking about how the financial services industry needs to evolve\u2014and quickly\u2014to service what will soon be a generation with up to\u00a0$60 trillion<\/a>\u00a0in spending power.<\/p>\n\n\n\n

Now, I\u2019m not the only person (with or without kids) for whom financial concerns can be a middle-of-the-night stressor. We\u2019re pushing through a period right now filled with mixed signals on the economy, where we have a combination of historically low unemployment, somewhat stubborn inflation, and a stock market that is keeping everyone on their toes. In the midst of that, the older part of Gen Z is coming into its first stages of independence, and there needs to be a growing focus on the impact they\u2019ll have on financial services companies for many years to come.<\/p>\n\n\n\n

What\u2019s interesting about this generation is the seeming number of contradictions in how they approach the world and live in it. For example:<\/p>\n\n\n\n

\u2022 <\/strong>They demonstrate a pretty high financial literacy in some ways. In one survey,<\/a> 44% reported using a credit monitoring service to help improve their credit score. And on the other hand, they readily admit that they routinely spend above<\/a> their income.<\/p>\n\n\n\n

\u2022\u00a0<\/strong>They live their lives within social media, confidently buying products through platforms like TikTok without batting an eye but have\u00a0more confidence<\/a>\u00a0in keeping their money at legacy, established financial institutions than fintech startups.<\/p>\n\n\n\n

\u2022 <\/strong>They also value highly personalized experiences and are looking for high-touch help around topics, like savings and investing, to help them build their financial independence. I can attest to that within my own family, where my daughter three years into her career has been using her work\u2019s retirement plans and individual fintech apps to help with her savings but is now looking to gain more confident planning through engaging a personal financial advisor.<\/p>\n\n\n\n

The financial services industry isn\u2019t totally ready to service the needs of this generation. And if companies don\u2019t start thinking about it now, they\u2019re going to lose the opportunity to build relationships with people who have demonstrated great brand loyalty to date. So, what are some key imperatives in order to bring Gen Z into the fold?<\/p>\n\n\n\n

\u2022 Lean into helpful digital tools and experiences. <\/strong>This is a bit of a no-brainer, but when thinking about a generation that is as steeped in digital as Gen Z, there is no room for a subpar digital experience. And you know what? Your legacy systems are subpar to them. Specifically, they want access to tools like automated financial guidance and virtual assistants to help them manage their money. If your business isn\u2019t already investing significantly here, it\u2019s time to start before Gen Z starts earning paychecks in earnest.<\/p>\n\n\n\n

\u2022 Personalization needs to be more than someone\u2019s name. <\/strong>Each engagement needs to feel rich, tailored and highly curated for them. For those of you who have been playing in the digital space as long as I have, remember the dream of true 1-to-1 marketing? Here\u2019s the generation that will expect that, especially for something as personal as their money. And that\u2019s because you also need to …<\/p>\n\n\n\n

\u2022 Demonstrate that you are helping them get to their goals.<\/strong> Truly cast yourself in the role of guide, sherpa, guru\u2014whatever word you choose\u2014whose sole focus is helping them save and earn. That means moving beyond giving them a slate of options of products and instead showing them which one is right for them\u2014and truly doing it from the standpoint of helping them grow and protect their wealth, paying off on their desire for stability.<\/p>\n\n\n\n

If you work in financial services and embrace the above, you\u2019ll not only help your Gen Z customers, but you\u2019ll also save yourself from many sleepless nights worrying about them.<\/p>\n\n\n\n

This article was originally published by Forbes.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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