March 1, 2022

FIs Can Learn from Zoomers | DeepTarget

Read DeepTarget's insider blog post to see what financial institutions can learn from the financial literacy of Zoomers!

As experts in simplifying digital marketing to deliver amazing experiences, DeepTarget has talked a lot about generational targeting. These tailored experiences recognize certain patterns of behavior that are driven from generational differences to create custom communications for Baby Boomers, Gen X, Millennials, and Gen Z.

While aggregating these generational archetypes, a paradigm of financial literacy emerged from a perhaps unlikely source: Generation Z. So, as we turn our attention once again to this generation, we will observe some of the lessons we can learn from this promising generation.

About Zoomers

Gen Z, also called Zoomers, includes those born between 1997 and 2012. They follow the Millennial generation, and are often the children of Generation X. They grew up with the internet and are extremely computer-literate, usually before beginning school. Their familiarity with digital devices, social media platforms, and search engines have shaped a curious generation who uses the internet as a tool to connect and learn.

Zoomers and Financial Literacy

Generation Z worries about their finances, especially big-ticket items like college tuition and student debt. And, in the absence of formal education about financial matters, this tech-savvy generation alleviates their worries through – what else? – online research! These young adults are using computers and smartphones to learn all about finance to make wise choices about saving, debt, and investment. In fact, 56%of Gen Z say they intentionally seek out information or advice about personal finance online.

Why it Matters to Financial Institutions

Probably the most obvious reason to pay attention to Zoomer preferences is because the oldest members are 24 years-old, entering the workforce, and beginning their individual financial journeys. A MX whitepaper showed that only 47% of Gen Z have an account with a traditional bank or credit union, meaning this demographic is still ripe for the picking. FIs can position themselves for success with this population segment by having a digital-first presence that offers financial education and a high level of customization. These elements will attract and retain Zoomers as they become a driving force for the future of banking services and fintech.

The secondary benefit for FIs positioned for Gen Z preferences is that each of the elements will also help create meaningful connections across the generations. Simple digital processes that assist the customer journey and promote financial education are attractive from Zoomers to Boomers. As consumer expectations are influenced by brands that excel at catering to the customer experience, banks and credit unions need to prioritize the products, services, and fintech partnerships that will meet their accountholders’ expectations.

While Zoomers may be the generational segment paving the way for independent financial literacy via internet sources, they certainly are not alone. Each year, the number of digital-first users grows as consumers skills and preferences evolve. Banks and credit unions that adapt will remain relevant to their customers while creating meaningful connections with account holders, young and old.

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