{"id":4687,"date":"2018-09-06T14:05:32","date_gmt":"2018-09-06T14:05:32","guid":{"rendered":"https:\/\/genhq.com\/?p=4687"},"modified":"2022-07-23T07:08:46","modified_gmt":"2022-07-23T07:08:46","slug":"gen-z-uses-banks-differently","status":"publish","type":"post","link":"https:\/\/genhq.com\/gen-z-uses-banks-differently\/","title":{"rendered":"Gen Z Uses Banks Differently"},"content":{"rendered":"<p>Gen Z may be the first generation to never step foot inside a bank.<\/p>\n<p>With mobile banking more widespread than ever, and Gen Z more comfortable with using apps than face-to-face conversation, there is little reason for them to use traditional banking methods.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4688\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2018\/09\/GenZBanking2Final.gif\" alt=\"\" width=\"870\" height=\"500\" \/><\/p>\n<p>This doesn\u2019t mean that they\u2019re not interested in saving \u2013 on the contrary.<\/p>\n<p>Our research on Gen Z revealed that 21% had a bank account by the age of 10 and of this group 48% <span style=\"text-decoration: underline;\"><a href=\"\/gen-z-2017-research-infographic-stats-money-saving-debt\/\" rel=\"noopener\">already have money or payment app<\/a><\/span> on their phone. We <span style=\"text-decoration: underline;\"><a href=\"\/wp-content\/uploads\/2017\/05\/Infographic-Gen-Z-Is-Learning-from-Millennials-Money-Mistakes-c-2017-The-Center-for-Generational-Kinetics-1.jpg\" rel=\"noopener\">also found<\/a> <\/span>that 56% of Gen Z discussed savings with their parents within the 6 months prior to the survey.<\/p>\n<h4>What\u2019s Stopping Gen Z from Visiting Banks?<\/h4>\n<p>Clearly, Gen Z is interested in and willing to broach the banking topic. So, what\u2019s keeping traditional banks from reaching this generation?<\/p>\n<p>A <a href=\"https:\/\/www.forbes.com\/sites\/forbesfinancecouncil\/2018\/07\/17\/why-banks-may-lose-out-on-generation-z-if-they-havent-already\/#598f0d5e3577\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">recent Forbes article<\/span><\/a> stated that most banks follow a traditional model that relies on high deposit levels, high transaction levels, and providing mortgages. This model has worked in the past for other generations, but will it work for Gen Z?<\/p>\n<p>Banks are already at a disadvantage with Gen Z. This generation expects a streamlined experience in everything they do, so traditional complex banking services seem outdated and superfluous to them.<\/p>\n<h4>Banks Must Offer Superior Experiences on Mobile Apps<\/h4>\n<p>Nowhere is this more important than in the bank\u2019s <span style=\"text-decoration: underline;\"><a href=\"\/venmo-offers-gen-z-millennials-financial-control\/\" rel=\"noopener\">mobile app user experience<\/a>.<\/span> Banking apps are still largely focused on online bill payment and can seem clunky when compared to the apps, <a href=\"\/venmo-offers-gen-z-millennials-financial-control\/\" rel=\"noopener\">such as Venmo<\/a>, that Gen Z uses on a daily basis.<\/p>\n<p>Perhaps most crucial for banks to understand is that <span style=\"text-decoration: underline;\"><a href=\"\/5-ways-gen-z-uses-social-media-that-will-surprise-you\/\" rel=\"noopener\">Gen Z<\/a><\/span> grew up right in the middle of the 2008 recession. It\u2019s no wonder this generation has a strong aversion to taking out loans after seeing the huge financial struggles <span style=\"text-decoration: underline;\"><a href=\"\/will-millennials-ever-climb-out-of-the-great-recession-rut\/\" rel=\"noopener\">Millennials are still recovering from<\/a>.<\/span><\/p>\n<p>What can banks do to attract and keep Gen Z customers? Rather than teaching them how to manage cash, use a checkbook, and spend with credit, they should develop in-app features that help them manage money in a streamlined way.<\/p>\n<p>Gen Z may need more robust banking features in the future, but until then, banks need to meet this generation where they are before another institution wins their loyalty first.<\/p>\n<h4>Want to Solve Your Gen Z Challenges?<\/h4>\n<p>We lead national and international Gen Z, Millennial, and <a href=\"\/how-is-generations-research-different-from-market-research\/\">generational studies<\/a>\u00a0for our clients every day. We also keynote events around the world, helping businesses better understand their customers and workforce.<\/p>\n<p>Let us know how we can help you.\u00a0<span style=\"font-style: inherit; font-weight: inherit;\"><u><a href=\"\/contact\/\" rel=\"noopener\">Send us an email\u00a0<\/a><\/u><\/span>or give us a call and we\u2019ll be happy to provide a little information for you to review.<\/p>\n<p>Keep the conversation going. Follow The Center on Instagram\u00a0<span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.instagram.com\/thegenhq\/\" target=\"_blank\" rel=\"noopener\">@TheGenHQ<\/a><\/span>\u00a0or on Twitter\u00a0<a href=\"https:\/\/twitter.com\/GenHQ\" target=\"_blank\" rel=\"noopener\">@GenHQ<\/a>.\u00a0We are passionate about sharing our latest generational discoveries!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gen Z may be the first generation to never step foot inside a bank. With mobile banking more widespread than ever, and Gen Z more comfortable with using apps than face-to-face conversation, there is little reason for them to use traditional banking methods. This doesn\u2019t mean that they\u2019re not interested in saving \u2013 on the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,27],"tags":[],"class_list":["post-4687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-igen-and-gen-z","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gen Z Uses Banks Differently - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"With mobile banking more widespread than ever, and Gen Z more comfortable with using apps than face-to-face conversation, there is little reason for them to use traditional banking methods.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/genhq.com\/gen-z-uses-banks-differently\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gen Z Uses Banks Differently - 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