Forget the buzz word millennials. The newest, and fastest growing, generation is "Gen C". The C stands for "Connected" and the group spans all age groups, but with the common trait of being digital natives and exceptionally tech-savvy. "Gen C is a powerful new force in consumer culture. It's a term we use to describe people who care deeply about creation, curation, connection, and community. It's not an age group; it's an attitude and mindset defined by key characteristics."1 No matter what business you're in, when it comes to expectations, having mobile access to your services is a necessity for Gen C, not just a bonus feature. They want to make a reservation without calling the restaurant, order holiday gifts from their couch, and review their stock portfolio on the commute to work. When it comes to banking, they prefer to be able to control their money with a few taps of their touchscreens. However, does that mean they're over branch transactions? Not at all. As with all things, they appreciate the need for balance.
When it comes to mobile banking, Gen C members want to be able to check their balances, transfer money, pay bills and other daily transactions via their smartphone. The members of this tech-savvy generation will also want to apply for loans via mobile.
However, in-branch banking is still very much in demand for several reasons. Gen C also stands for "Community". They have a strong sense of community and a desire to support local business. While they may not use the branch for daily transactions, when they need to speak with a financial advisor, they are comforted by having a local person to discuss their concerns with. They also use the branch to deposit the unwanted cash that makes their wallet bulky.
Older demographics are less likely to be trusting of accessing their finances via a smartphone or might have trouble viewing the small screen. They may access their accounts online from a desktop PC, but more often than not, only to check balances and transfer money within accounts. It is strongly their preference to use the branch for check deposits, account inquiries, and loan requests. Senior citizens might even view the trip to the branch as a social activity, especially if they see faces they have come to know for many years.
While mobile banking is a critical piece of the consumer banking experience, branch banking remains the foundational pillar. Regardless of your generational group or age, some banking needs can be met with mobile apps while others are better handled in person. Credit unions are exceptionally poised to meet the needs of Generation C as CUs can combine the modern advances of mobile banking with a local, community experience.
1. https://www.thinkwithgoogle.com/research-studies/introducing-gen-c-the-youtube-generation.html
