As we reach the halfway point of 2021, I think we can all agree that we’re tired of hearing the phrase “we’re living in unprecedented times”. As frustrating as it is, it’s the unfortunate truth that the circumstances have changed due to the pandemic, especially for community banks. Gone are the days where community banks could easily visit local schools to speak about financial literacy and the benefits of choosing their community bank over others.
Although the social gatherings we once had may not be the same, it doesn’t mean we should stop reaching out to younger generations all together. In fact, it means the exact opposite.
Why, you ask?
Bloomberg reported earlier this year that the number of Gen Z employees in the U.S are set to triple over the next decade. Notably, the article states, “Workers born between the mid-1990s and 2010 are projected to grow to 51 million by 2030, and their after-tax income will reach $2 trillion.” With this much potential spending power, it gives financial institutions the ultimate opportunity to engage with Gen Z and provide them with necessary resources and tools. Community banks can be the light at the end of the tunnel for the upcoming Gen Z work force and their solution to managing their money responsibly.
That’s where Zogo comes in. Zogo has the resources community banks need in order to engage and attract this new generation of workers in the U.S. We also like to think that we know the best ways to engage and attract Gen Zers, because our team is made up of them!
Here’s how we do it…
- Meet them where they already are…on their phones!
Since the pandemic in-person relationship building has come to a screeching halt, and the pivot to digital options became critical for community banks. As life slowly returns to its normal state, digitizing forms of communication seems to have found its place as the new normal. Community banks must take this opportunity as a new way to market their informational and educational content they normally use on their websites and plug it into the ‘new normal’.
By meeting Gen Z where they already are, on their phones, Zogo has created a fun, simple and social way to not only be an accessible platform to financial literacy – but also give Gen Z users the ability to earn while they learn! Instead of spending time and effort to push website marketing, with the help of Zogo your community bank’s information, benefits, and programs could be implemented right on the Zogo app for users in your area.
- Break down difficult and complex financial lessons into bite size modules.
During the pandemic, Gen Z had officially been renamed as the “Tiktok generation” due to quarantine boredom and their short attention span. With the rise of Tik Tok, the most popular social media app that allows users to create short videos, it shows that Gen Z’s attention span is limited to a “scan and scroll”. It’s clear that the new workforce generation who will be potential money spenders will want their information given to them in a way that is clear, concise, and fun. For example, at Zogo, we use bite-sized modules to simplify the method of delivery for our users.
- Keep them coming back with incentives, engagement, and new content!
A key to reaching Gen Z is fostering continual, authentic engagement to build their loyalty and awareness of your brand. One way we have achieved this at Zogo is through our rewards and new content every month. As users complete more modules, they earn points which are redeemable for gift cards, and on top of that, we add new content to our app each month. These incentives and updates encourage users to come back day after day and continue to keep learning. Zogo partners also use our social calendar (that comes with downloadable social media posts) to consistently post on social media and build awareness amongst their customers and community.
Given Gen Z’s quickly increasing market size and influence, community banks should be aware of the unique ways in which Gen Zers make decisions and consume information. Whether or not you implement Zogo, it is clear that capturing Gen Z will require a change or pivot in strategy for many community banks – one that emphasizes digital engagement, bite-sized, consistent content, and incentives!