The generational transaction is already happening, and Gen Z is driving the wealth transformation. Nowadays, Generation Z represents 32% of the population, their life was marked by revolutionary events – LGBTQ+ movement and carbon-free energy, to name a few – but also disruptive ones – Covid-19 pandemic and lately, a war.
It goes without saying then that both their personal and financial needs and behaviours differ from the previous generations and organisations are trying to deal with it, in every sector.
For financial services providers, to detect the needs of this new generation means to review offerings and communication plans, beyond traditional schema, and adopting a thinking out of the box approach in seamlessly defining strategies, products and communications that will be even more digital, modular and tailored compared to past years.
The line between operations is perceived as way more blurred as we go ahead. Products cannot live alone without communication, and these operations must be deeply intertwined to guarantee attractiveness at the early stage. The rising of Generation Z has emphasised the incredible role the content mix is actually playing in the current scenario. And when considering content, few things must be kept in mind.
First, according to recent research, the attention capability of this generation is about 8 seconds. Since they are exposed to loads of different information, they apply selective attention, meaning the analysis of whether something is of interest or not lasts only few seconds. To capture their attention the content has to be not only captivating, but innovative, visual appealing, inspiring and entertaining.
Second, your brand is your most valuable asset. Because if it’s true that they are exposed to loads of different information, they are also exposed to the same information again and again, by different sources. And how do they select what source to trust? Well, the brand. Brand name, brand image, brand awareness have never been more important than in recent times, especially for our industry where reputation is key.
At the end of the day, they are no longer comparing providers with other providers. They are comparing their experience with wealth managers and banking with their experience with Adidas, that’s it.
Pay attention to a word here above, that is experience. Client Experience is the stellar common ground of all this, it goes through and refers to the entire process, from the initial phase of engaging on social media to onboarding, and next steps of client experience. Getting it right is paramount and needs to have a few essential ingredients: superior, seamless and omnichannel, to capture their brief attention in a smart way.
This leads to the next matter of interest, that competition becomes even hotter because it’s not only about Gen Z that firms need to focus on, but also Millennials. According to research, it appears that 9 in 10 Millennials nowadays use social media more frequently for advice on financial markets and recognise social media as the ideal, most convenient, and immediate place to get insights, financial tips or pillars.
The flexibility and accessibility of the dotcom and social media offer a great digital marketing opportunity for wealth managements firms to reach their current and next client base more efficiently and build customer trust by creating a steady, authoritative and informative online presence through reliable content.