Independent Banker - June 2020 - 59

chief operations offi cer.
For back-end processes and technology
enabled to meet these younger customers'
needs, the key is new solutions that integrate
well with existing systems. First National
Bank is working with strategic partners to
ensure they share the same vision. Its core
provider emphasizes the importance of the free
fl ow of data so that the teller system, deposit
system, debit cards and online banking are all
integrated. Gen Z, as well as customers across
demographics, want fast and easy access to all
their fi nancial information in one place without
any slowdowns from software glitches.
First National Bank knows the fi rst banking
interaction with Gen Z will not likely be faceto-face.
So, in 2019, the community bank
revamped its website. Marketing consultants
told them that instead of off ering robust
information, as was the advice in past years,
with Gen Z, " less is more. " So, the redesign
featured less content, simpler navigation and a
mobile-friendly resolution.
The community bank is also considering
online account opening, a new product
that would represent a " big change " for an
institution known for its hands-on approach.
" I see department lines being blurred,
because customers want to talk to a
trusted person about the wide array
of products we off er and receive
good answers rather than being sent
someplace else. "
-Ben Johnson, First National Bank
Currently, customers visit branches to
read disclosures and sign documents when
opening an account. The new process relies
on background systems to check ID and
online signatures. While this would be a great
product for Gen Z, Johnson says, First National
Bank must balance the increased risk of
authenticating customers online.
The community bank's Gen Z readiness
includes staffi ng changes so that silos are
broken down
internally. It's a
benefi t that 20%
of its employees
are under 25.
" I see
department
FEES
Gen Z likes free experiences
without fees. But, because they are
accustomed to in-app purchases,
they may better tolerate paying for
new features in real time rather than
a blanket charge that appears to
come out of nowhere.
INFLUENCE
Gen Zers grew up reading online
reviews and influencer testimonials.
So, while millennials may prefer big
brands, Gen Z cares more about
making value-aligned decisions and
voting with their dollar. " They are
thinking more critically about who
they partner with, " Srinivasan says.
TECH
Does your community bank
provide push notifications? Are you
prepared to provide a subscription
service fee model rather than
traditional monthly charges?
Have you considered automated
financial advising? Having a
strong tech platform may earn you
Gen Z customer loyalty and help
them to avoid " hopping around "
between diff erent financial services
providers, Srinivasan says.
independentbanker.org Q 59
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Independent Banker - June 2020

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