Banking
Side hustles, mental health, and mobility: Banking for a new generation
- Gen Z's banking priorities diverge from tradition, requiring banks to rethink how they assess creditworthiness, structure products, and communicate value.
- We explore how a major regional player is strategizing to support Gen Z throughout their lifetime and analyze where banks can do more.
Gen Z has always asked more of their traditional banks. Serving this consumer segment well means building a deep understanding of the young consumer and then fine-tuning products to match their lifestyle – simple UX updates are just not enough. In this article, we touch upon the biggest priorities for young consumers and explore how a major regional player, Citizens, has crafted its products and services to better cater to this segment.
Inside the mind of a Gen Z consumer
Research by Citizens reveal three critical areas where banks can rework how they surface products and serve young customers to better align their business strategies with the priorities and mindset of this generation:
- I want to break free: 46% of young adults define the American Dream as freedom and flexibility over wealth accumulation.
- What this means for banks: Traditional FIs need to pivot their communication from purely future-focused to strategies that help Gen Z become financially independent today. Gen Z wants their financial institutions to open the world to them – easy cross-border payments and products that don’t restrict professional or geographical mobility are key here.
- More than 9 to 5: 24% of young consumers report having a side hustle outside their primary job.
