Media Post has featured Hero Digital’s Financial Services Truth & Beauty Index in a recent article—I Want: Gen Zers And Millennials Are Practical When Buying Financial Services. Written by Ray Schultz, this article showcases what young adult financial services customers value most. Read the full article below.
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Email teams tasked with reaching young adult consumers at financial services firms might want to recalibrate what they think they know.
Gen Z, contrary to what you may believe, takes a practical approach, based 70% on functional attributes and only 30% on emotion, according to the Financial Services Truth and Beauty Index, a study by Hero Digital.
Millennials are even more inclined to be hard-headed—their factors are 90% functional and 10% emotional.
In contrast, Generation X sees things as 50% functional and 50% emotional. Boomers are also fairly practical, showing a mindset that is 60% functional and 40% emotional.
The generations also have different views toward brand advocacy. For instance, 20% of Gen Z customers recommend banks and other financial institutions based on ease and access.
Their Top 10 is as follows:
- Is constantly improving
- Easy to work with
- Gives me confidence
- Has access to finance experts
- Is high quality
- Shares my values
- Reasonable fees and prices
- Transparent use of my data
- Easy to communicate with
- Financial products are easy to understand
Millennials are similar, but not identical. For example, 40% rank privacy and trust as top customer experience attributes when recommending a company. Their total “want” list includes:
- Is high quality
- Easy to bank with
- Can be trusted to protect my personal information
- Is a company I trust
- Is constantly improving
- Financial products are easy to understand
- Outstanding customer service
- Prices are reasonable
- Helps me make the most of my money
- Easy to change privacy settings
Generation Xers are more concerned with the impact of a bank on their lives—40% rank empowerment and disruption as leading persuaders. Their Top 10 list:
- Is a company or bank I trust
- Helps me live my best life
- Is high quality
- Empowers me
- They are easy to contact and communicate with
- Gives me a sense of pride
- Provides outstanding customer service
- Is constantly improving
- Cares about me as a customer
- Easy to bank with
Meanwhile, 30% of Boomers, people who actually have money, rank price and stature as chief customer experience attributes when recommending a financial services company. Boomers are swayed by these considerations:
- Prices and fees are reasonable
- Is constantly improving
- Easy to bank with
- Is high quality
- Provides outstanding customer service
- Is a company or bank I trust
- They run their business ethically
- They can be trusted to protect my personal data
- Cares about me as a customer
- Empowers me
Hero Digital surveyed 3,011 consumers last year, weighted to U.S. Census data. It has also created reports on the consumer goods and health & wellness industries.
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Thanks for digging into Financial Services’ customer experiences with Hero Digital. Our Truth & Beauty research helps companies prioritize business transformation for the next generation of customers. Download the full report to accelerate your digital transformation.
