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Podcast: What GenZ wants from banks

Transcript:

Welcome to Tech Rhapsody Podcast by Symphonize, where we dive into the dynamic intersection of technology, innovation, and the future of business. I’m Aaron Waterman, I’ve spent the past 15 years helping financial and technology brands navigate these shifts, working with industry leaders like Bloomberg Financial, IBM, Bank of America, General Motors and Toshiba.

In today’s episode, we’ll break down what Gen Z truly values in a banking experience—and more importantly, how financial institutions can evolve to not just meet but exceed those expectations. Let’s get started.

Let’s think about this—what’s the first thing Gen Z does when checking their bank balance, sending money, or even opening a new account? They reach for their phone. I mean, eMarketer reports that 55.7% of Gen Z adults prioritize mobile-first experiences over even lower fees when choosing a bank. That statistic alone says a lot about where financial institutions need to focus their energy, right?

Now, the thing is, it’s not just about functionality, like being able to transfer funds or pay bills. That’s kind of a given at this point. What Gen Z craves is a banking experience that feels personal and—dare I say it—engaging. Personalized dashboards, interactive savings goals, and gamified tools to track spending are perfect examples. And the kicker is, they don’t just want it; they expect it. According to the GWI Gen Z Report, 73% of consumers want companies to understand their unique needs. Pretty clear message, isn’t it?

Let me share something that really underscores how transformative these shifts can be. Christian Financial Credit Union worked with us to redesign their online platform. The focus was simple—mobile-first, personalized and user-centered. They added education tools, self-service options, and gamification elements, exactly what Gen Z appreciates. And the response they got, well, Patricia Campbell, their Chief Operating Officer, described it as “truly exceptional. ”It’s fascinating how a strategic shift like that can turn a platform into something that not just works but connects.

But this is just one piece of the puzzle, and the landscape is shifting rapidly.

It's no secret that Gen Z holds brands, including their banks, to very high ethical standards. We’re talking about transparency, sustainability, and clear alignment with their values. Forbes, for instance, notes that sustainability is no longer optional for businesses that want to connect with younger generations. And to add to that, GWI found over 30% of US Gen Zs actively prefer brands they perceive as sustainable. These aren't just statistics—they're mandates.

And, you know, when banks embrace these values authentically, the impact is remarkable. Take the example of a regional community bank we worked with at Symphonize. They decided to adopt eco-friendly financial products—green mortgages and savings accounts tied to sustainable investments—and revamped the way they communicate their community-first message across digital platforms. The response? Not only did their engagement metrics spike, but they also found younger customers advocating for them on social media. It’s this kind of transformation that connects deeply with Gen Z.

What’s really interesting is how these efforts go beyond just winning customers. They build trust, something that’s kind of hard to measure but makes all the difference in long-term relationships. Institutions aligned with sustainability are communicating, “We share your values. And we’re working towards a better future with you.” Pretty powerful, isn’t it?

And and here’s where transparency ties in even more tightly.

Now let’s talk about one of the biggest challenges Gen Z faces—financial literacy and accessibility. We know that rising living costs, coupled with student debt and stagnant wages, have created unprecedented economic hurdles for this generation. Traditional financial products like high-minimum savings accounts or CDs? Well, they’re often seen as out of reach or even irrelevant for many young adults struggling to build financial independence.

The thing is, banks play a critical role here. By investing in innovative partnerships and educational programs, they can actually become trusted advisors to Gen Z, rather than just service providers. Imagine an app that not only tracks your credit score but also walks you through ways to improve it. Or even tools that gamify learning about budgeting—turning what’s historically been intimidating into an engaging experience. Programs like these foster empowerment, not just compliance, you know?

At Symphonize, we’ve found that our Gen Z Readiness Assessments provide valuable insights for banks looking to close the gap. These evaluations identify where digital experiences fall short or miss the mark and offer actionable recommendations—kind of like a roadmap—to create solutions that resonate with Gen Z. And the results speak for themselves.

Ultimately, it’s about giving Gen Z the tools they need to succeed. When we open up credit accessibility with secure options like entry-level credit cards or when we prioritize financial education, we’re not only addressing immediate needs—but we’re also helping to build a generation of financially savvy adults. And that’s a win-win, for everyone involved—don’t you think? Alright, that’s all for today.

Thank you for joining me as we explored this fascinating intersection of banking and Gen Z. Until next time, take care and stay innovative.