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Marketing

Engaging Gen Z: How credit unions can market and connect

Group Of High School Students Walking Along Hallway

Gen Z is here, and not just the future—they are the NOW. Born between 1997 and 2012, this group represents a significant demographic that is beginning to enter the workforce or is still at the beginning point of their careers. If your credit union is not coming/catching up with the new and innovative ways to serve this savvy and digital-first generation, then now is the time to start. As a member of Gen Z who just entered the workforce and is proud to be part of the credit union movement, let me help share some insight.

So why should credit unions care to market to Gen Z? Well, they are soon going to be making up a large portion of consumers. They are digital pioneers who expect quick and easy online experiences, while wanting personalized and unique services. Building valuable relationships with Gen Z now can create long-lasting loyal patrons. This can help ensure long term growth, not only for your institution but also for them personally as a consumer.

With Gen Z being so technology and influence driven, it can be hard to pinpoint the best tactics to truly reach them. Different strategies that may have been trending yesterday may already be completely outdated today. Though, there are few methods to implement as a base for reaching this demographic.

Harness the power of social media

Gen Z spends the most time on social media platforms compared to any other generation. It is a credit union’s responsibility to ensure they are using these platforms to the best of their ability. Apps like TikTok (if it sticks around), Instagram (photos & reels), and YouTube are where you will find most of these consumers, so if your credit union isn’t already leveraging these channels, now is a great time to start.

Aside from being present on social platforms, it is important to use them effectively. Creating short-form content is an effective way to educate while keeping attention. Whether that may include videos on educational tips, budgeting outlines, financial advice, consumer success stories, etc. Aside from this, there is nothing wrong with interactive content. Tools like quizzes, polls, and Q&A’s can be effective, as long as there is not a long process of entering emails, personal information, long answers, and more time consuming qualities.

Also, remember to be authentic and show the human side of your credit union. Have honest conservations and show the behind the scenes, Gen Z loves authenticity.

Keep the mass majority of content brief and engaging for the best results.

A smooth digital experience

Make sure your credit union’s digital platforms, whether it’s a mobile app, website or online service are efficient, easy to navigate, and responsive. When it comes to mobile services, Gen Z expects different experiences to be done quickly and successfully, all while using their phone. This could include checking balances, making transfers or transactions, applying for loans or new accounts, and accessing any other service, all with just a tap of their finger. The more actions that can be utilized through a mobile phone, the better.

If your digital experience is overbearing, it is time to revise and simplify.

Elevate your institution with Gen Z vision

No one knows Gen Z better than someone who is a part of it. Having a member of this generation on your team or in a position to give insight/opinion is the best way to serve this demographic. First-hand knowledge can be the best for understanding and effectively engaging with this generation. Also, it can help shape better marketing strategies and features to better accommodate them. Having a Gen Z team member can help with a digital divide. Aside from understanding the target audience, they can help an institution stay on top of different trends, help engage in new opportunities/platforms, use emerging technologies, use the correct forms of communication, and more when it comes to their invaluable insight.

Having a Gen Z member on your team can ensure your efforts meet the generation’s concerns, habits, preferences, and behaviors.

As Gen Z continues to grow, it’s essential for credit unions to evolve alongside them. Understanding how to effectively market to this emerging generation is key to staying relevant. Gen Z is paving the way for the future, and those credit unions that adapt now will thrive in the years to come.

Makala Kafer

Makala Kafer

PolicyWorks