Mayralee Martinez
Sep 14 3 min read

Meeting the Expectations of Gen Z and Millennial Customers: What Banks Need to Know

The banking landscape is undergoing a significant transformation as the financial needs and expectations of the younger generation, particularly Gen Z and millennials, take center stage. With their tech-savvy nature and unique financial priorities, these demographics push banks to evolve and adapt. What do Gen Z and millennials need from financial institutions? And how can their needs be met most efficiently? 

Gen Z and millennials are the digital natives of our time, but why exactly do they veer to a digital-only option? These generations expect a seamless and intuitive digital experience when it comes to banking. Users want banks to provide personalized financial guidance, whether it's about budgeting, saving, investing, or paying off debts. Banks must prioritize the development of robust digital platforms that allow customers to perform transactions, access account information, and engage with financial services effortlessly. Artificial Intelligence (AI) and machine learning can play a crucial role in analyzing customer data to offer relevant financial advice that resonates with their unique goals and circumstances.


Not only do these generations seek transparency and authenticity from the institutions they engage with, they want banks to be clear about fees, terms, and conditions. Furthermore, these generations value financial education and want their banks to provide resources that help them better understand financial concepts and make informed decisions. Educational content, workshops, and webinars can help banks empower their younger customers with essential financial knowledge. Products like Finotta’s Personified Platform can provide all these services directly in your institution’s mobile app with seamless integration. Users are granted direct access to the tool with the same look and feel they know and trust - leading to fast adoption and high engagement.


Gen Z and millennials value personalized experiences in every aspect of their lives, and banking is no exception. One size does not fit all. Implementing personalized analytics to understand their spending patterns, financial goals, and preferences can help tailor services to their unique needs. 

These digitally fluent users expect their banks to match their pace. Incorporating cutting-edge technologies is no longer an option but a necessity. Offering mobile deposit options, seamless contactless transactions, and AI-powered chatbots for swift and personalized customer support can be game-changing. Staying ahead of technological advancements improves the overall banking experience and establishes your bank as a tech-savvy partner these generations can rely on.

Local and regional banks have a unique opportunity to position themselves as the ultimate choice for Gen Z and millennial customers in today's financial landscape. By offering personalized recommendations and a gamified platform that celebrates financial wins, banks can enhance customer satisfaction and establish and build strong relationships. To meet the expectations of Gen Z and millennials, financial institutions must supply their users with a seamless digital experience and personalized financial guidance while providing financial education, sustainable practices, and innovative solutions.


Gen Z and millennials are shaping the future of banking. Local banks have the opportunity to position themselves as trusted partners on the financial journey of the younger population, creating a loyal customer base that will stand the test of time. The key to relevance and prosperity for local and regional banks lies in embracing these changes and actively seeking partnerships with forward-thinking fintech companies. These partnerships can provide the innovative solutions needed to cater to the unique needs of Gen Z and millennials, ensuring that smaller institutions can survive and thrive in the dynamic world of modern finance.


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