Banks and credit unions are increasing their spend on marketing tech, data-driven techniques and content marketing. According to the ABA “Martech” now comprises about 22% of the average bank’s budget.
They are also targeting this spend at one particularly essential consumer population: Generation Z according to a recent analysis of the top 5 retail banking marketing trends.
The analysis points to the view of the Financial Brand which notes that whilst Millennials are still the most important generational segment for financial marketers, Gen Z is right around the corner.
Banks and credit unions spent the better part of two decades trying to figure out the Millennial market. Financial marketers had better start wrapping their heads around Generation Z in 2018, lest they repeat their mistakes. Those banks and credit unions that align themselves with this Gen Z mindset will succeed, while those that don’t will become irrelevant.
Generation Z is comprised of 6- to 23-year-old consumers in 2018 who are tech-savvy and “starting to graduate, manage finances, earn disposable incomes and, by 2020, will account for 1/3 of the U.S.”
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