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.”
Get On Board
Proving the point around how important Gen Z is, Spanish heavy weight, Santander, have weighed in with their new piece of video content.
But not everyone, including the team here at Moroku, is convinced they have nailed it as viewers turned to Reddit and Pinterest calling the ad scary and creepy.
Click Below to watch and contemplate how your content strategy might be similar or different for this critical segment.
New Apps and New Banking Partners
The new Chore Scout parent app has entered testing this week which should time nicely with a new child app in July. In addition to some new features we have added more analytics and a cleaner architecture that will make onboarding our banking partners smoother.
The timing of that is important as we work through onboarding a number of new banking partners with their own creatives and integrations.
For Gen Z, digital interactions are shifting from websites to mobile. They are growing up fast, with or without you. They are finding new ways to do old things. They’re demanding better — from themselves, from each other, and from the brands they do business with.