Banking just isn’t the same as it used to be – products, people, and technology have all evolved. While at the end of the day the goal is the same (more people, more deposits, more loans), attaining those goals has started to require a different approach. One could easily blame the additional efforts needed on the vast differences of the generations. Where Boomers value relationships and stability and are focused on estate planning medical coverage, Gen Z wants social justice and the latest information on cryptocurrency. As a financial institution, how do you decide which direction to go? Of course, there is some common ground. Because where financial institutions want more people, more deposits, and to give more loans; the people (from GenZ to Boomers and beyond), want to make more deposits and have easy access to loans. 
How do you know if your institution is maximizing its efforts to attract people of all generations? Let’s look at three qualities and services (including some not-so-obvious) people look for in their financial institution and see if you are hitting all the checkmarks - you may be surprised to find out that some of these can benefit your institution just as much as your customer.
- Reward Opportunities
People like free stuff. It plays with our emotions and activates a positive charge in the brain that releases joy. What kind of “free” are you doing? Here are a couple of questions to ask yourself:
• Have you reviewed your rewards program recently?
• How old is your rewards program?
We ask because as mentioned above, everything evolves, including rewards. For instance, checking account referrals. Trying to emulate what used to work in a branch environment can still “work,” but not very well in today’s world. Did you know you can add more, new deposit accounts with the help of a loyal customer - all through digital? It can be as easy as 1, 2, 3 (1. Text, 2. Social Media, 3. Email). Keeping your reward checking up to date is also a strategic way to attract younger customers and generate more non-interest income. - Customer Service (Yes, this one is obvious, but it’s important!)
We’ve all been there. Something is either not working, not where it’s supposed to, or is not what was promised. So, you call and wait…then you get frustrated and wait some more…only to get the customer service agent that has spent the last eight hours on the phone tackling other people’s problems. Don’t do this to your customers!
The best way to keep and lose consumers is through the quality of your customer service. Take the time to invest in your own staff. Educating and empowering your employees gives them the tools they need to handle difficult situations, boost their confidence, and build quality relationships with your consumers.
But that doesn’t really help with the long wait on the phone. Which brings us to… - Be Tech Forward
Fifteen years ago, being tech-forward meant having your own app. Today is a little different and tomorrow will be even more different. Because technology keeps evolving. It’s not enough to dabble in digitally optimizing your institution and expect to keep up and stay relevant. If you are using a traditional customer service line, consider call center automation and chatbots as a high-tech and customer-friendly way to assist. As digitally optimized generations continue to grow, you need to as well. Stay educated. Find a trusted expert that can keep you informed of the latest trends and those on the horizon (Tip: Video is all the rage now). Being well-informed will give you the confidence to know when to invest in the right tech for your institution and allow you to review your processes with a fresh set of eyes to make optimal changes.
So, there you have it, three attainable ways to keep your customers happy while increasing your own deposit growth. In terms relative to “happy spouse, happy house,” a joyful, well-treated customer is a loyal customer and a customer-focused, tech-savvy financial institution is a successful one.
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