Independent Banker - December 2017 - 42

Seven
ways to
attract
Gen Z
and prefer things to be streamlined.
If a video, product, article or idea
doesn't grab their attention within
eight seconds, they'll drop it and
Generation Z can't
remember a time
before online banks, but that doesn't mean
they aren't open to independent community
banks. Jason Dorsey of the Center for
Generational Kinetics off ers these tips for
connecting with Gen Z:
Highlight your local connection and
stability. The word " bank " does not have a negative connotation for
Gen Z, so they are open to your message. They crave stability because
stability creates options. Emphasize your experience with diff erent
market cycles.
1
2
3
4
5
6
7
Invest in your digital experience. Gen Z has no tolerance for clunky
websites or mobile experiences.
Make them feel welcome and celebrated. Show you're approachable
by engaging with them on social media, and invite them in to
meet your bankers. Encourage them to share your bank with friends, but
don't pretend to be a tech company if you aren't.
Have an Instagram account. Use it to tell local stories and show
you are up on social media. YouTube is also a good route (see sidebar,
page 44).
Understand why they come to your branch. Gen Z handles transactions
online or on their phones. Branch visits are reserved for bigger
conversations, like student loans.
Be prepared to bank online businesses. Gen Z's businesses are
less likely to have storefronts and far more likely to exist solely online.
Start early. Some institutions held off on engaging with millennials
and are still playing catchup. Reach out to parents and grandparents
who want to set up savings accounts, and don't be afraid to run small tests
to see what works.
42 ICBA Independent Banker December 2017
move on, says Stillman. This gives
community banks a much shorter
window to make a good impression
than they have with millennials,
who had a 12-second attention span
at the same age.
That leaves little room for error,
especially on mobile platforms.
For Gen Z customers, there's no
line between the digital world and
physical branches.
" Banking today with Gen Z is
online or mobile banking, " says
Dorsey. " That's banking. "
If a bank's mobile website doesn't
immediately make sense or connect
with Gen Zers, they'll move on.
That doesn't mean they don't care
about brick-and-mortar locations,
but those visits are reserved for
important decisions.
" When other generations look at
a bank branch, they think of it as a
place for transactions, " says Dorsey.
" We predict Gen Z will see it as a
place go to when they need to have a
conversation or make a more complicated
fi nancial decision. "
That creates an opportunity for
community banks, including those
with small branch networks. Benchmark
Community Bank in Kenbridge,
Va., is working to retain customers
between the ages of 18 and 25 with its
Bridge Account. The account keeps
college and trade school students
who leave the community connected
to the bank by offering them electronic
and mobile services as well
as refunds on ATM fees-something
Benchmark otherwise offers only
to adult accountholders who fulfi ll
minimum usage requirements.
" We don't want them to ever
have to leave us as a bank, " says
Independent Banker - December 2017

Table of Contents for the Digital Edition of Independent Banker - December 2017
