Understanding Gen Z: Banking Preferences
Welcome to the Executive Innovation Show Podcast, brought to you by One Touch Video Chat.
During this podcast, the host, Carrie Chitsey, has a round table with five Generation Z students from Anderson High School, here in Austin, Texas to hear directly from these Gen Z’s about all things banking! What are these Gen Z’s banking preferences and what are they truly looking for in a banking relationship?
Listen to “Understanding Gen Z: Banking Preferences (Part 2)” as we discuss the following:
- We kick off the show by understanding these Gen Zs’ banking preferences and why. We get answers on when they first got their checking accounts and debit cards. Do they prefer big traditional banks or would they rather use a community bank or a local credit union?
- What draws Gen Zs to become bank customers? While a mobile app is table stakes across the industry what other technologies does this generation find necessary? Listen to find out what your bank needs to have to attract these Gen Z customers.
- Security is a huge factor for these Gen Zers. One of the buzzwords with their mobile banking and personal finances was Face ID. Learn how this security feature plays into their decision making with financial institutions.
- As bank branches continue to close down, we get to the root of the problem. Gen Z isn’t visiting the branch as often anymore. When was the last time they stepped into the branch? Why aren’t branch visits a necessity for these young consumers vs. other generations?
- Growing up with the power of the internet, members of Gen Z are searching for authenticity! When searching for financial advice on investing, they want unbiased opinions. Do they trust big banks or do they believe they have their own “secret agenda”?
- Skipping the branch and using in-app features to apply for financial services such as car loans are becoming the new norm. How will banks still keep the trust of customers without their visits to the branch?
- What’s the deal with 1-800 numbers? How is this generation utilizing them or are they even using them at all? Do they prefer a call center or branch when they need to talk to someone?
This is part two of our three-part series, “Understanding Gen Z”. Subscribe to the podcast now to get notified for part 3 where we’ll talk about healthcare next week. Listen to part 1 on communication and hiring prefrences.
To learn more on The Future of Banking, Virtual Banking Beyond Four Walls, download our latest White Paper or watch our webinar on demand.
A special thanks to Anderson High School for allowing the students to participate.