Independent Banker - January 2022 - 52
" We're using [TikTok] more
as a personality piece. This
is who we are. [We're saying]
we're a little quirky, we're
a little different and maybe
not what you think of when
you think of a standard
community bank. "
Shelby Myler, Farmers State Bank
20 deposits of $10 or more.
" Often, it's better getting kids
or grandkids of those who are
customers, " says Dorsey of these
outreach efforts. " There
are lots of things you
can put in the path of
kids and grandkids. "
Bank Five Nine
debated requiring
students to complete
some of its online
financial education
modules before earning
the $150 but decided
the extra steps could
turn off students who
might be intimidated
by the process,
McCarthy says.
Offers that solve
financial challenges
for Gen Z are particularly welcome,
Dorsey says. Fintechs have had
success creating apps to help
consumers avoid hidden fees-a major
Gen Z pet peeve, he adds-manage student loans
and offer early access to paychecks.
Bank Five Nine has seen many students take
advantage of its credit builder product. While
the community bank originally introduced the
program for adults who needed to repair their
credit, students have adopted the program to
build a credit history to make it easier to rent an
apartment or buy a car when they graduate. " It's
positioning themselves as a good credit risk, "
McCarthy says.
Personalized offers can be an important tool
when serving this generation. " Being able to
tailor your offerings and engage digitally on
a personalized level will establish a unique
relationship without having to ever meet face to
face, " Wang says.
* The mobile generation *
Farmers State Bank knows that funny videos
alone aren't going to win over the next
generation of customers, so it invests in the
technology that Gen Z expects, especially mobile
capabilities. Visitors to the community bank's
mobile website can open an account or apply for
a loan in 10 minutes and use its app to access
Where
does Gen Z
learn about
brands or
products?
Source: 2020 Center for Generational
Kinetics report
Family or
friends
Bank
brands
Investing
brands
YouTube
ads
Traditional
ads
28% 11% 10%
21% 13% 10%
Social media
video ads
Independent Banker - January 2022
Table of Contents for the Digital Edition of Independent Banker - January 2022
Table of Contents
Independent Banker - January 2022 - Cover1
Independent Banker - January 2022 - Cover2
Independent Banker - January 2022 - Table of Contents
Independent Banker - January 2022 - 2
Independent Banker - January 2022 - 3
Independent Banker - January 2022 - 4
Independent Banker - January 2022 - 5
Independent Banker - January 2022 - 6
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Independent Banker - January 2022 - Cover3
Independent Banker - January 2022 - Cover4
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