How is your bank attracting next-generation customers (Gen Z)?
Research has proven that they are hungry for financial education. But how are they getting their information? According to a September 2021 survey, 39% of Gen Zers aged 18-24 learn about personal finance from TikTok, YouTube or other social media outlets. They also report wanting to learn financial information from their banks, social media is a tool that can provide banks with a new and unique way for community banks to share information with a new customer base.
They care about their community and giving back. According to Marketing Dive, they are three times more likely to say that the purpose of business is to “serve communities and society.” As the backbone of much of their community, community banks and credit unions are the perfect financial partner for Gen Z.
Two-thirds of Gen Zers report that when they find a brand they like, they stick with it. By providing financial advice, utilizing technology and social and highlighting what makes community banking exceptional – personalized service and community, you can grow your market share while strengthening current and new relationships.
Learn how Williamstown Bank is building relationships and giving back
Sharon Anderson, President and CEO of Williamstown Bank, is giving back to the community and drawing in a younger generation through The Giving Cup, an in-house, full-service coffee shop in one of their branches. Customers and non-customers alike can stop by, donate and receive a drink of their choice (including your favorite latte or a frozen hot chocolate!) and choose one of their selected local organizations to give back to.
Inside the branch, it feels like a coffee shop with non-conventional teller lines. It allows the community to stop by, share a cup of coffee and have an easy way to ask a few questions about banking while there.
How is your bank attracting Gen Z? We would love to hear! And stay tuned for our first video interview with Sharon to learn more about Williamstown Bank and its innovative solutions — coming out later this week!
