Generation Z, defined as those born between 1996 and 2010, may not be high on your radar—but they should be. According to Business Insider Intelligence’s 2019 report,Banking and Payments for Gen Z, this generation has:
They’ll also represent 40 percent of American consumers in 2020. All of this translates into a huge opportunity if you’re prepared to serve them—or a threat if you’re not.
The Financial Brand reports that convenience tops these digital natives’ reasons for choosing digital, online-only bank accounts, by a margin of 2:1 over recommendations, online account opening and lower fees. To combat this shift in banking preferences, it will take more than just physical branch or ATM locations to attract Gen Z to community banks and credit unions. It will take a combination of technology, competitive rates, and customer service centered around one factor: convenience.
Make Your Overdraft Program Gen Z-Accessible
When it comes to providing Gen Z with convenience, your overdraft (or courtesy pay) program is a great place to pick up a win. Implementing a fully disclosed, compliant service for your account holders offers three-fold convenience for a seamless experience during what could otherwise be stressful time.
Is your overdraft service offering Gen Z that much sought-after convenience they’re heavily basing their banking choices on? With a fully disclosed and transparent overdraft program that evolves with the times, you can provide a modern, convenient service to account holders of all generations.
Get a free analysis today to see what JMFA NEXT GENERATION OVERDRAFT PRIVILEGE® can do for your financial institution.
ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)
Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving account holders better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at 800-809-2307.