• by Ray Schultz , Columnist, March 22, 2022

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: 

• Is constantly improving
• Easy to work with 
• Gives me confidence 
• Has access to finance experts
• Is high quality
• Shares my values
• Reasonable fees and prices 
• Transparent use of my data
• Easy to communicate with
• Financial products are easy to understand

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:

1. Is high quality 
2. Easy to bank with
3. Can be trusted to protect my personal information 
4. Is a company I trust
5. Is constantly improving 
6. Financial products are easy to understand
7. Outstanding customer service
8. Prices are reasonable 
9. Helps me make the most of my money
10. Easy to change privacy settings

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:

1. Is a company or bank I trust
2. Helps me live my best life
3. Is high quality
4. Empowers me
5. They are easy to contact and communicate with 
6. Gives me a sense of pride 
7. Provides outstanding customer service 
8. Is constantly improving 
9. Cares about me as a customer
10. Easy to bank with

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:

1. Prices and fees are reasonable
2. Is constantly improving
3. Easy to bank with
4. Is high quality
5. Provides outstanding customer service
6. Is a company or bank I trust
7. They run their business ethically
8. They can be trusted to protect my personal data
9. Cares about me as a customer
10. Empowers me

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.