Millennials have been a hot topic for the past few years, but the next generation is rapidly coming of age and entering the workplace. Is your credit union prepared to offer the products and services Generation Z is looking for? While there are similarities between the two generations, there are also differences. Make sure you are prepared to cater to these two demographics by offering the following benefits.
Millennials have gained a lot of attention over the past few years due to their size and spending power. In fact, the population of the generation of people is over 2 billion in size across the globe. While it is still important to cater to the needs of millennials, it is also essential to be prepared for the next up-incoming population -Generation Z.
Generation Z (Gen Z) or also known as “Post-Millennials” is the group that follows millennials. This generation that grew up in the age of the internet has some similarities to their predecessors but is also very different.
Some key differences between the two generations is that Gen Z is focused on saving money whereas millennials emphasis the experience. Gen Z is no stranger to economic hardships. They have grown up in the economic recession of 2008 and know the value of a dollar because of this.
Member Access Pacific (MAP) offers products to credit unions that will help you appeal to the spending and saving habits of the Gen Z population. MAP’s mobile app allows users to access their accounts, make payments as well as set up alerts and more all from the convenience of their smartphone – which is incredibly important to this tech-savvy group. With the app, you can help your members feel in control of their finances.
Another difference between millennials and Gen Z is that millennials prefer to make purchases online and even though Gen Z grew up with technology, they prefer to shop in stores. The post-millennials like to see what they are purchasing before they swipe their card.
MAP’s Visa debit and credit card options are a great payment solution for Gen Z. Both cards are widely accepted and backed by the Visa name when it comes to security. Members can set up fraud alerts to prevent any unauthorized spending as a result of identity theft or a compromised card.
Debit and credit card programs not only benefit the member, but they will also help your credit union by increasing your card portfolio. Additionally, research has found that credit union members that utilize their financial institution’s debit card program are 81 percent more loyal than non-debit cardholders.
Gen Z is makes up about 25 percent of the population and is beginning to enter the workplace. Contact MAP today to learn more about our suite of products and services that will help you capture the Gen Z demographic.