Stop worrying about millennials, say hello to Generation Z: Part 2

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » As an industry, we have spent a lot of time discussing millennials and their preferences. Millennials are driving a lot of change, but the next generation is going to be the real test. Generation Z is peeking around the corner and, as seen in part 1, is already showing new concerns around not only technology and convenience, but also privacy, security, marketing, and more.Technology will be a major differentiator for financial institutions that are either accepted or left in the dust as the younger generations continue to enter the workforce. There has been a lot of research and discussion about how many millennials “prefer” innovations such as online or mobile banking. Generation Z not only prefers this technology, but expects it. Any parent knows how difficult it is to take cell phone privileges away from a teenager (or even ask to borrow the phone for a few minutes to make a call). Imagine telling that same teenager who will soon be out of college that he/she can’t use that phone to do personal banking. Then try to guess the odds you will not lose that (potential) member to another institution that better meets his/her needs.center_img In the part one, we learned about who Generation Z is. Now that we have a better understanding of who we are talking about and realize that we need to be prepared, let’s look at what it means for your financial institution.Key Takeaways for Financial Institutionslast_img

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