Deep Dive: Building for Gen Z, influencers, financial literacy, and a budgeting coloring book

Tearsheet Editor-in-Chief Zack Miller hosted a LinkedIn Live session featuring two of our top reporters, Rabab Ahsan and Sara Khairi. It was a chance to go behind the scenes of our reporting and go deeper into what’s happening at the intersection of financial services, new models, rising expectations, and evolving technology.

We explored the fascinating intersection of finance, Gen Z trends, and influencer culture, discussing how unconventional strategies like budgeting coloring books are reshaping financial literacy. We’ll also dive into how some incumbent firms, like Bank of America and Capital One, are exploring unconventional methods to capture consumers’ interest in financial education as a starting point.

The big ideas

1. Gen Z Permeating Financial Coverage: The importance of Gen Z has become a prominent theme in financial coverage due to their emergence into the workforce and engagement with financial services. Zack mentions, “Gen Z is a subject that’s permeated our coverage over the past 18 months. It’s crucial for banks to figure this out.”
2. Challenges with Technology and Personalization: Financial institutions face significant hurdles in adapting to the preferences of Gen Z, particularly regarding technology and personalization. Rabab discusses, “most of the executives…said that, out of all the reasons why they can’t really build products for Gen Z…Technology is the biggest roadblock.”
3. Engagement Strategies for Gen Z: Neobanks are implementing innovative engagement strategies, such as gamification and unconventional partnerships with influencers, to resonate with Gen Z. Rabab mentions, “If you look at neobanks, they’re not coming in with all of this legacy tech, they have their focus… they’re going all out with engaging Gen Z.”
4. Partnerships for Financial Literacy: Traditional financial institutions are forging partnerships with brands and organizations to enhance financial literacy, targeting various demographics beyond Gen Z. Sara discusses Bank of America’s partnership with Tory Burch to conduct business webinars for women entrepreneurs, stating, “They’re trying to keep up with the competition… it’s a win-win situation for banks.”
5. Adapting to Changing Roles: Financial institutions may need to adapt to changing roles, possibly moving towards an embedded finance model where they collaborate with brands and communities to deliver financial services. Zack concludes, “Maybe the future of banking in Gen Z is an embedded finance role… I do think that could be something that banks do today that could actually move the needle for them.”

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