Generation Z

Credit unions enjoyed a boost to membership as consumers fled the big banks in the wake of the financial crisis. But they can't wait for the next global disaster to drive younger members into their arms.

Trade associations and other industry groups are partnering with universities and colleges to create more degree programs and special courses that prepare young people to work for banks — especially small ones.

Financial institutions need to adapt their offerings to meet the preferences of these young consumers or they risk losing ground to fintechs and other nontraditional players.

Banks and credit unions will have to re-engineer a number of systems to meet the eclectic demands of the generation born roughly in the last 10 to 20 years.

Banks will have to re-engineer a number of systems to meet the eclectic demands of the generation born roughly in the last 10 to 20 years.

Gen Z recruits add a fresh perspective and provide a talent pipeline for the future, bankers say.

Young consumers do not trust centralized authorities, making the distributed ledger attractive, according to Donika Kraeva, strategic communications manager for Dentacoin.

After the 2008 banking crisis, centralized payment systems and financial services don’t have as much appeal to the younger set as a more transparent decentralized system, argues Csaba Csabai, founder and CEO of Inlock.

These teens and early 20-somethings are hardworking, frugal, prudent, debt averse and fiercely opposed to fees — much like their great-grandparents who grew up during the Depression.

These teens and early 20-somethings are hardworking, frugal, prudent, debt averse and fiercely opposed to fees — much like their great-grandparents who grew up during the Depression.