Should Banks Go Fishing for Generation Z?

Yahoo!’s new CMO, Kathy Savitt, is a “Gen Z Maniac”.

I didn’t even know that Generation Z existed. Thanks to Business Insider, I now know they’re the generation born from 1992-2010 (which leads to another question – are we back to Gen A next time?). This information got me to thinking: Should banks go fishing for Gen Z?

What do we know about Gen Z? We do know that many of them are starting relationships with banks for the very first time – via a savings account perhaps, or a checking account before they start college. We also know that they live in a wired world – one in which radios are antiquated, news is found via Twitter instead of the local newspaper, and TV viewing doesn’t require a TV. Does your bank have a social media presence? Are you engaging with customers online? And how does your website look – is online banking an option? More importantly – how’s your mobile experience?

One method that works for any generation is catching kids when they’re young – teaching them early to save and have a healthy financial relationship with their bank. PanAmerican Bank found that kids that save are more likely to go to college (click here to see the experience between one of their new Gen Z customers and his banker). By reaching out to kids via financial literacy initiatives, your bank can teach Generation Z (and any other generation) to have a healthy relationship with your bank.

Nibbles from around the web:

—What does your bank need to know about developing a social media strategy & culture?

—Marketplace shares some must-read Wall Street books.

—Uh oh, it’s Basel III.