Hoosier Banker 37 their predecessors were not, such as substantial student loan debt. Financial institutions need to build relationships through interactions to assist these generational clients in getting on the right track financially. The same can be said when it comes to overall lifestyle experiences. Both millennials and Gen Zers are highly experiential and authentic, craving tangible and tactile brand experiences. They focus on opportunities that create memories as opposed to owning material goods. How does this translate into the banking world? Statistically speaking, millennials and Gen Z customers are more likely to gravitate toward institutions that can provide a unique service experience at the local level, as opposed to a generic interaction at the corporate level. Solutions With the drive to operate locally, a preference for face-to-face interactions and the need for crafting memorable experiences, there is a major opportunity for local financial institutions to grab hold of these generational sectors and create mutually beneficial, lasting relationships. Where technology is used by these generations to complete day-to-day tasks, it does not replace the experience of face-to-face interactions at the local branch level. In-branch technology serves two purposes. First, it is the bridge between the next-gen banking customer and the branch. From iPad integration, digital touchscreen message boards, plug-and-play solutions and digital marketing, a number of solutions exist that can give the branch the tools to show Gen Y and Gen Z consumers that it speaks their language. Second, leverage that language to create an interaction that hits on the experiential level. When comparing interactions between technology and face-to-face, millennials and Gen Z consumers are six times more likely to engage in an experience that blends technology with human touch, as opposed to each of those sectors acting independently. The next-gen consumer does not want to be just a number, but instead thrives on being an actual customer, a human. The community branch has the aptitude to thrive here. Mobile and online banking cannot substitute for the relationships and brand positioning that can be delivered at a local branch. Bringing it all under one roof, in an environment that captures the true essence of the next-gen banker, is the winning combination. If we continually push for the unique and experiential interactions at the local level, and use technology as the bridge to drive these interactions, financial institutions will finally know their XYZs, setting themselves up for a successful future. HB Promontory Interfinancial Network Is Now... New Name. Same Trusted Partner. Same Great Company. Visit our new website at intrafi.com
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