The right mix of product design for your demand deposit accounts and promotion offers for your referral campaign can help drive growth, especially for Gen Z. These consumers are looking for the right saving vehicle, but they may require extra coaxing, recommendations from people they know — and thoughtful connection.
From a tactical perspective, your financial institution needs to keep rates competitive. However, if you want to avoid painful deposit repricing (and more margin compression), you need to understand the behaviors that drive younger generations of savers, such as Gen Z.
Earning the long-term loyalty of younger consumers requires a deep dive into their psychology, preferences, and financial habits. So let’s look at how Gen Z’s propensity for social recommendations can help you grow accounts and deposits.
Read more at The Financial Brand