Finanssektorens Uddannelsescenter wished to gain a deeper understanding of Generation Z, the future banking customers and translate this understanding into concrete business opportunities. Hence, the purpose of this study was to clarify how banks provide the best service for Generation Z, in order to attract, retain and not lose them as customers to competing banks.
53 interviews with millennials between 18 and 25 were conducted, some as individual interviews at the home of the subject and others in focus groups. The interviews provided MADE with a deep knowledge about what it means to be young and a bank customer, and how banks can provide the best service to this particular customer group. Surprisingly, it turned out that Generation Z is not as digital as you may think. Millennials bank customers require personal advice from an adviser they know, trust and expect to advice them in an economic world in which they must learn to navigate for the very first time. They want an adviser who understands that financial advice is more than interest rates along with mortgages and instead what you can become as a person and what life you can lead. However Generation Z feels neglected by their bank and feel that the bank will never initiate contact and that the bank does not understand them. Therefore, there is not a strong preference for one bank over the other amongst millennials customers. Hence, they are more inclined to switch banks than other customers.
Results: The insights from the interviews are gathered in a publication which is divided into five chapters, each responsible for an area where banks can develop their business to accommodate Generation Z. For each area, MADE has developed tangible suggestions, on how banks can further develop their services. The publication provides an unique insight into how young costumers perceive banks and their services.