Email teams tasked with reaching young adult consumers at financial services firms might want to recalibrate what they think they know.
Gen Z, contrary to what you may believe, takes a practical approach, based 70% on functional attributes and only 30% on emotion, according to the Financial Services Truth and Beauty Index, a study by Hero Digital.
Millennials are even more inclined to be hard-headed—their factors are 90% functional and 10% emotional.
In contrast, Generation X sees things as 50% functional and 50% emotional. Boomers are also fairly practical, showing a mindset that is 60% functional and 40% emotional.
The generations also have different views toward brand advocacy. For instance, 20% of Gen Z customers recommends banks and other financial institutions based on ease and access.
Their Top 10 is as follows:
Millennials are similar, but not identical. For example, 40% rank privacy and trust as top customer experience attributes when recommending a company. Their total “want” list includes:
Generation Xers are more concerned with the impact of a bank on their lives—40% rank empowerment and disruption as leading persuaders. Their Top 10 list:
Meanwhile, 30% of Boomers, people who actually have money, rank price and stature as chief customer experience attributes when recommending a financial services company. Boomers are swayed by these considerations:
Hero Digital surveyed 3,011 consumers last year, weighted to U.S. Census data. It has also created reports on the consumer goods and health & wellness industries.