By Allison Netzer Chief Marketing & Strategy Office at Nymbus
Generation Z, born between 1997 and 2012, are technologically astute digital natives ready to leave their mark on the world. With an estimated $360 billion in annual spending power, coupled with many more years of financial activity, this segment is significantly influencing the economic scene. At a time when banks and credit unions are increasingly aware of the advancing age of their conventional customer base, embracing the preferences of younger clientele is essential. For this still-emerging customer group, mobile banking is a given, not a novelty, and outdated incentives are more likely to generate scorn than pique interest. Gen Z is deeply integrated with social media platforms, using them for communication, socializing and research. They're passionately invested in their communities, redefining the concept in a digital context. Additionally, Gen Z has minimal patience for brands that don't align with their socially conscious, environmental and cultural values. To attract and retain these young, dynamic clients, it's vital to understand their lived experiences and priorities. Strategies should be tailored to reflect their digital proficiency, social consciousness and expectation for modern, value-driven services. THE 72 MILLION AMERICAN MEMBERS OF GEN Z ARE YOUNG, DIVERSE AND MOBILE FRIENDLY. IS YOUR BANK READY TO ATTRACT AND RETAIN THEIR BUSINESS?
8 THE FINANCIAL BRAND INSIGHTS FALL 2023
THE FINANCIAL BRAND INSIGHTS FALL 2023
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