Engaging young adult customers is the most effective way to establish a long-term banking relationship.
And the best way to engage today’s younger generational cohorts is to provide them the digital-first experience they’ve come to expect.
According to Matt Good, senior vice president and director of regional partnerships at Elan Financial Services.
“Digital capabilities are undeniably a requirement of Generation Z and millennials – that the credit card product be a frictionless, seamless experience,” Good added.
Good, a 25-year veteran of the financial services industry, added that “it was all about rate and no annual fee, then rewards became prevalent,” but while Gen Z and millennials want a low-rate card with competitive rewards, they are the first generation to say that the experience is more important than rate and rewards. As a result, you will need to invest in this technology.”
Good believes that the digital-first behavioural paradigm must be implemented across all touchpoints. “It is no longer acceptable to tell a Gen Z person that they must complete a paper application; it is usually not even acceptable to lead them to a website.
He emphasised that Gen Z and millennial customers who have their needs met now are more likely to stick with a financial institution when it comes time to buy their first home, start saving and investing, or get a business loan because “they will be more likely to see you as their primary financial institution.”
