Gen Z, born between the mid-1990s and early 2010s, is reshaping the financial landscape with their tech-savviness and focus on social impact. For credit unions (CUs) aiming to connect with this demographic, modern and innovative technology solutions are essential. Here are ten technologies that can help your credit union attract Gen Z members:
10 Must-Have Technologies for Gen Z Banking
1. Feature-Rich Mobile Banking App
A seamless, intuitive mobile banking app is a must-have. Gen Z expects to manage their finances on the go, with features like money transfers, bill payments, mobile check deposits, and budget tracking all in one app.
2. P2P Payment Integration
Integrate popular peer-to-peer (P2P) payment options like Zelle, Venmo, and Apple Pay directly into your CU’s app and online banking.
Source: Motley Fool Money
P2P payments are key for Gen Z, who use these services for everyday transactions such as splitting bills or transferring money to friends. While many CUs haven’t yet committed to offering these services, they’re essential for staying competitive.
3. AI-Powered Financial Tools
AI is a game-changer for personalized finance management. Use AI tools to offer budgeting advice, spending pattern analysis, and savings goals tailored to each member.
Automating insights in this way can help Gen Z members build strong financial habits and create meaningful savings, appealing to their tech-centric lifestyles.
4. Digital Account Opening
Make joining your CU as simple as a few clicks with a fully online, secure, and user-friendly account opening process.
Source: APITURE
For Gen Zers, who prioritize convenience and speed, digital account setup is a must. Studies show that Gen Z and millennials consider digital account opening among the top features they look for when choosing a financial institution.
5. On-Demand Financial Education
Deliver financial education through real-time resources within your app, from interactive quizzes to short videos and personalized tips.
Gen Z members often carry debt (47% are managing debt, including credit cards and student loans), so easy-to-access financial advice can provide a foundation for better money management and empower them to make informed financial decisions.
6. Gamified Financial Literacy Programs
Engage Gen Z with gamified financial learning experiences. Use interactive games, reward challenges, and digital badges to make learning about finance fun and relatable.
Many Gen Zers turn to social media platforms like TikTok and Instagram for financial information—offering a gamified experience keeps your CU relevant and engaging in these spaces.
7. AI-Powered Chatbots
Give members the option of instant customer support via AI-powered chatbots, which can answer questions, troubleshoot, and provide information.
While Gen Z values human touchpoints, chatbots provide quick, convenient responses when needed, enhancing their digital experience without replacing human interaction entirely.
8. Personalized Financial Advice
Make financial planning accessible with personalized advice sessions, either virtual or in-person. Guidance on budgeting, debt management, and future planning can help Gen Z develop confidence in their financial decisions.
With Gen Z in need of financial literacy, your CU can stand out as a trusted resource for personal finance.
9. Social Media Engagement
Engage with Gen Z on their favorite platforms, including...
Share financial insights, showcase CU values, and promote the benefits of credit union membership, helping to establish a genuine connection with potential members who might otherwise overlook CUs.
10. Biometric Security Features
Bolster your digital security with biometric features like facial recognition or fingerprint scanning. For a generation raised on technology, biometric authentication signals both security and convenience, key to meeting Gen Z’s expectations for a safe yet seamless digital experience.
Source: Forbes
Attract Gen Z with Seamless Integrations
Offering these innovative solutions helps your credit union appeal to Gen Z’s unique needs and preferences, positioning your CU as both forward thinking and member centric.
Tap the button below to discover more about FLEX's integrations and how you can enhance your technology offerings to align with Gen Z's preferences.
