Bank On It: Gen Z Wants Digitized & Personalized Banking Experiences

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Generation Z, born after 1996, represents the next generation of banking consumers. This generational cohort was born in the internet age and are true digital natives who have never known a world without smartphones. Gen Z currently numbers over 67 million people and represents approximately 20% of the U.S. population. The oldest of Gen Z are now entering young adulthood and beginning to start their financial journey. These facts highlight the significant marketing opportunity Gen Z represents for credit unions. Business Insider found that Gen Z wields purchasing power of more than $143 billion, and Boston Consulting Group projects Gen Z’s spending power to increase by more than 70% in the next five years.

While credit unions are strong with the baby boomer and Gen X demographics – the average age of credit union members is 47 – attracting the newest and soon-to-be largest pool of banking consumers will require credit unions to offer the same kind of experience these consumers are used to from other industries. Specifically, credit unions will need to offer digital, personalized solutions tailored to Gen Z’s needs and preferences.