New study reveals what matters most to customers and how banks can create meaningful connections across the generations.
Baby Boomers are predicted to pass $8.8 trillion in assets to the generations following them over the next decade. Financial institutions need to be prepared to connect with these younger customers, taking into account how each generation’s bank relationships differ.
While Boomers have historically been very loyal to their banks, Gen X customers tend to be a bit more skeptical of their financial institutions. And customer experience expectations for Millennials and Gen Z (Zoomers) are heavily influenced by technology brands, including the onslaught of emerging financial technology (fintech) companies.
The generations do not bank the same. How can banks continue to connect with their existing, aging customer base while also attracting new, younger customers?
To answer this question we looked at several attributes, including trust, convenience, ease of interaction, and connection to identify what is essential for banks to remain competitive, set them apart from their competition, and – most importantly – how these expectations differ by generation.
Some key insights from the latest findings…
- Gen Z is just starting out on their financial journey and looking for a trusted brand to help them navigate.
- Millennials have grown up heavily influenced by tech companies and expect the same convenience from their banks.
- Having experienced multiple financial recessions and scandals as adults, Gen X may be naturally more skeptical of banks.
- Boomers are generally satisfied with the status quo and need to know they’re being protected, taken care of, and considered.