Do you ever feel behind the times and that you could use a guide for younger millennials, Gen Z, and beyond, notably when it comes to their banking habits? Unless you have been out of touch for a while, it’s not a new revelation that focusing on the customer experience should be your top priority. To be blunt, people have a lot of choices these days and it’s up to you to prove your worth, especially with the up-and-coming generations who are fully immersed in all things digital (can you imagine never having a landline?) Further, these generations operate with the “you get one chance” mentality because unlike their predecessors, their choices are boundless. The “everybody gets a trophy” folks you may have once chuckled at are now slowly dominating the industry, and it's showing no signs of losing steam.
So, what do you do?
Speaking the language of the aforementioned younger generations, how do you become “on fleek” while still passing the “vibe check” for all generations? Follow along for some tips on relating to and communicating with today’s young people that will surely end up “living rent-free” in your head.
Tip #1: Meet Them Where They Are
You get one guess as to where that is – their phone. Everything that can possibly be done on a phone, they want to do on a phone. How’s your mobile website looking? Do you have an app? Can accounts be opened easily and can money be moved quickly? Is there a chat function? Mobile phones and devices are quite literally the one line in and out to a young person. This is where they connect, gain information, and seek entertainment. If you aren’t adding some level of value to one of those areas, you are missing out on a massive chance to gain new customers.
Tip #2: Speak Their Language
Younger generations are immersed in social media and short-form videos (which in turn are largely consumed on social media). In fact, according to a recent Forbes Advisor survey, 80% of millennials and Gen Zers have received financial advice from “finfluencers” on TikTok, YouTube, and other social media sites (whether their advice is accurate or not).
You’re the expert, get in there and be heard!
Connect with them where they are and in a language they understand – video! Creating and posting short videos can help gain your institution exposure, educate your customers/potential customers, and make you a trusted advisor. Consider creating a TikTok and YouTube account, along with posting on your own website. As a bonus, if they like what they see and the experience they are having, they will be more likely to share your content with their friends and the rest of the social media universe.
Tip #3: Up Your Social Game
Speaking of social media, make it easy for them to connect to you. Whether it’s an IM, DM, or tweet – they want to connect quickly and they want a response even faster. But be aware, like anything, social media has its pros and cons:
- Pros: Great for marketing, educating, connecting, communicating, and sharing
- Cons: The news of one wrong post or unhappy customer can spread like wildfire
However, with a strategic social media content plan, the pros definitely outweigh the cons. But have fun with it, people want to be both informed and entertained.
Tip #4: Get Personal
Harness your data and get personal. A personalized experience is key to having an ultimate customer experience. A study from the University of Texas found that people love personalized experiences for two reasons: 1) control (or the feeling of being in control) and 2) not feeling overloaded with information. Use your data to target useful products to your customers or to predict their needs and behaviors. They will feel seen and validated (and they really want to be seen and validated).
There are many layers when it comes to analyzing younger generations and their digital-induced preferences, and we’ve only scratched the surface. Continue your institution’s digital “glow up” by staying tuned for the second installment of An FI’s Guide to Young People.