Core Values Gen Z Look For in Financial Services
1 Sept 2022
Right now, Gen Z are hugely underserved when it comes to financial products. Most investment platforms and other financial services are aimed at older generations, a demographic that is more likely to have some wealth behind them. Other times, existing companies have tried to market a new product towards Gen Z, but without looking into what this generation really looks for in a service, it’s hard to hit the nail on the head.
So what are Gen Z looking for in the financial services they use? Values are extremely important to Gen Z, arguably more so than previous generations. They are looking for optimistic, forward thinking and innovative financial services. Sounds like a lot to ask for, right?
Well yes, kind of. But once it’s been broken down, it’s simple to understand why the generation who grew up online are looking for slightly different things to their parents.
As mentioned above, most financial services are targeted at older generations, especially when it comes to investing. Other times companies target homeowners, families, and essentially anyone who’s “got their life together”, or at least that can be how it feels. This is pretty alienating for young people who don’t fit into any of those categories.
Brands who are able to meet Gen Z where they are, on the platforms they love and use the most, are the ones who have had the greatest success rate with onboarding Gen Z users.
In advertising, brands who speak to this value are more likely to be able to sway the vote of young people. For example, Revolut's "This is a Money Guy" campaign
🧘 Simplicity and Accessibility
Another value that Gen Z users look for in financial products is simplicity and accessibility. PayPal is a great example of a brand that has catered to Gen Z in this regard. Paypal’s service isn’t complicated or confusing, and because of this, users are able to trust them quicker. They understand exactly how it works, and what is happening with their money when they use PayPal.
On the flip side, a service that is hard to understand, or looks hard to understand, is less likely to be an instant hit.
Loyal to Convenience
Gen Z are highly loyal to convenience. Above all else, this is what will sell them and keep them coming back. Gen Z have grown up with Amazon next-day delivery, Youtube’s endless library of entertainment and knowledge, and more recently, TikTok’s promised delivery of instant gratification.
The trick to getting Gen Z’s attention (and keeping it) is providing something the fastest and easiest product or service. Gen Z isn’t used to waiting long periods of time, and will always look for the most innovative product which is able to save time and cut out unnecessary steps.
🤔 What will this mean for the future of Financial Services?
Gen Z are holding brands to a different set of standards than older generations, meaning it’s hard for companies to keep up, which in turn means there’s a gap in the market. It’s likely that some existing brands will adapt and be able to cater for the new needs of this generation, but equally, we expect to see a lot of other Gen Z lead companies, like Zeed, pop up in order to fill the gap.
The values Gen Z look for, luckily, tend to lead to great products. Simplicity, taking out unnecessary steps, removing long waiting times, and using the same platforms as Gen Z, should only reap benefits and hopefully we can look forward to a future filled with straight forward, trustworthy, and easy to use financial services.
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