Gen Z is graduating. Are you ready?
The graduating class of 2019 is full of savvy, Gen Z graduates ready to start the next chapter of their lives. Is your branch and staff ready to be their financial advisor? If you spend a lot of time thinking and researching how to attract this generation to your branch or branch network, you are not alone. That means that a lot of your competitors are also trying to grab the attention of this market. You need to find ways to stand out.
As these new grads move to the next stage of life, they will need to make some big decisions. Generation Z loves to save and is very cautious with their financial decisions. Your branch messaging should speak to their needs, help solve their problems, and calm their fears. Once you have convinced this generation to be fiercely loyal to your financial institution, you will need to deliver the services you promised at the quality they have come to expect.
Get a head start from the rest of the class and grade your branch now!
They Have A Positive Outlook
The American Dream is still a concept worth pursuing according to this generation. They have a positive outlook on their financial futures. This may be due to their financial focus and understanding of savings compared to other generations at this stage in their life. Their conservative tendencies are likely shaped by growing up in the great recession.
They May Not Graduate
The graduating class of 2015 had the largest student loan debt in history. With an average of $30,100, according to The Institute for College Access & Success. Gen Z is now rightfully cautious of taking on a large amount of debt so early in their adult life. It’s not to say they won’t go to college or don’t value education, but rather they are taking more time to do a cost-benefit analysis on education investment.
They Do Their Research
Gen Z dominates in online searches for information, according to Google Trends. They use sites like YouTube to learn new skills, not just watch videos for entertainment. They are considered mobile-only instead of Millennial’s mobile-first behavior. This generation never really goes offline. Meaning they have always had instant access to all types of information they can find on their own.
Their View Of Banks
According to TransUnion, they are much more likely to choose a financial institution if it offers a credit monitoring tool. Speaking generally, they tend to view credit cards as a risk and prefer to use debit.
Like Millennials, they have high expectations for retail experiences. Every industry has already adjusted to meet the needs of the generations before them. Gen Z expects their in-branch experience to be flawless, convenient, and helpful.
Your branch needs to meet and exceed the expectations of this generation to capture their attention. Do you have the latest technology that can create a seamless banking experience across all channels? Do your associates have the ability to move with clients throughout the branch to help them? Is your brand clearly defined throughout your online presence and in-branch experience?
Known as the Smart generation, Gen Z values good grades and high scores. How does your branch(es) compare to the best of the best?
When it comes to attracting this generation, you have to grade your branch accordingly. Use our Branch Report Card and grading rubric to find ways you can fix your branch quickly and cost-effectively.