How Do You Assess a Mortgage Applicant With Three Gig Economy Jobs, an Attention Span of Eight Seconds, and a Crypto Wallet?
One fifth of the US population was born between 1997 and 2012. This demographic is known Gen Z and, as true digital natives, not only are they unique in history, but they also represent a real challenge to banks.
Serving Gen Z banking customers in a way they relate to is going to be a game-changer for bank leaders, and creating strategy within the context of a regulation-heavy industry, with many legacy procedures, will be a tightrope walk for some.
A common mistake is to think “we are already engaging with millennials, what’s the difference?” But Gen Z is a whole new ball game. Most of the “older sibling” millennials were born into an era without widespread internet use — and this, research has shown, makes a difference. Millennials straddle the two eras; Gen Z does not.
So, what’s so different about Gen Z, and what does this likely mean for banks?