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Everyone Wants Gen Z Members-I Know One, So Let's Talk to Ethan Ritter
Manage episode 517649077 series 3316827
Gen Z banking preferences take center stage as Mark Ritter, host of Credit Union Conversations, interviews his son Ethan Ritter, a University of Pittsburgh finance student. This episode explores what credit union membership means to younger consumers and reveals surprising insights about mobile banking apps and digital engagement. Ethan shares candid perspectives on financial technology expectations, explaining why online account opening capabilities are non-negotiable for his generation. The conversation challenges conventional wisdom about how to attract Gen Z members to credit unions through social media advertising, revealing that technology quality trumps traditional marketing approaches for younger consumers.
What You Will Learn in This Episode:
✅ Why mobile banking apps are the most critical factor for Gen Z banking customers, who prioritize app functionality over in-person branch visits and website experiences
✅ How credit unions can leverage financial technology and digital banking experience to attract younger members instead of relying on traditional member engagement strategies
✅ The truth about personalized marketing effectiveness with Gen Z consumers and why social media advertising may not deliver the results financial institutions expect
✅ Real insights into student banking behaviors, including common financial mistakes like sports gambling and food delivery services that impact young consumers' saving potential
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TIMESTAMPS:
00:00 Introduction to Gen Z banking featuring Ethan Ritter
02:09 Ethan shares his educational background and his work in finance at both the university and a local credit union
05:19 Mobile banking apps versus in-person branch banking: Ethan explains why Gen Z banking customers see financial services as a transaction, not a relationship
08:30 Online account opening requirements and why requiring in-person visits causes younger consumers to choose different financial institutions
11:38 Gen Z consumers never discuss their banks or credit unions with peers, even among finance majors managing real investment portfolios
13:43 How Gen Z consumers waste money, discussion of cryptocurrency and home ownership
20:10 Technology-first strategy for credit unions to attract younger members: why financial technology quality matters more than rates or traditional member engagement
KEY TAKEAWAYS:
💰Gen Z banking customers rank app quality as their top priority—if they have to open a website or call someone, the financial institution has already failed to meet their expectations
💰Credit union membership isn't a topic of conversation even among financially savvy finance majors; younger consumers only consider switching institutions after major service failures
💰Personalized marketing through social media platforms like Instagram and TikTok doesn't resonate with Gen Z consumers for serious financial decisions, as they prefer researching options independently when needed
💰Credit unions must prioritize showcasing their financial technology and app capabilities over traditional messaging about rates and member care to attract younger members successfully
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SEO KEYWORDS:
Credit Union Conversations, Mark Ritter, MBFS, Credit Unions, CUSO, Gen Z Banking, Credit Union Membership, Mobile Banking Apps, Financial Technology, Online Account Opening, How To Attract Gen Z Members To Credit Unions, Digital Banking Experience, Member Engagement, Personalized Marketing, Gen Z Consumers, Financial Institutions, Student Banking
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