20 azbankers.org Now, more than ever, your customers need a banker watching out for them. Growth opportunities abound for community banks that proactively help customers relieve financial stress. The fact that consumers are under significant pressure today comes as no surprise. Two years into a global pandemic, it is surprising that it’s not health, family or job issues that present the most prominent cause of stress — it’s household finances. Even more unexpectedly, higher income doesn’t necessarily equate to less stress. Below are some of the many highlights of the consumer research Jay Financial presented to the Arizona and Colorado Bankers Conference in November, based on recent surveys of Arizona and Colorado banking decision-makers belonging to the Generation Z, Millennial and Generation X age groups. Where there’s need, there’s opportunity Triggering consumers’ financial stress is a diverse array of immediate and longer-term concerns that people are eager to resolve. These uncertainties become priorities, driving interest in specific financial services and solutions. Watching Out for Your Customers By Lisa Kreienberg, Creative Director, Jay Financial and Jeff Hughes, Director of Insights, Jay Financial Consumer interest in solutions is immediate The Gen Z, Millennial and Gen X customers walking into your branches or engaging your digital channels — right now— have on average 3.3 financial priorities they want to address and 2.4 financial services or tools they are interested in obtaining. Table: Percent of survey respondents selecting each of the following as their top financial priorities and top financial services and tools of interest Community banks have a unique competitive advantage The more complex or important the need, the more Arizona and Colorado consumers want to address these issues face-to-face with a banker. Between 62% and 77% of respondents prefer personal interaction when opening accounts, resolving account issues, learning about online/mobile/digital banking features, and getting advice about financial planning, retirement planning or household budgeting.
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