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by James Robert Lay on September 12, 2022
Brief Summary of Episode #227
As niche services like neobanks continue to expand their market share, traditional FIs are being left in the dust by Gen Z and Gen Alpha clients.
Why are incumbent financial brands struggling to attract and keep young account holders?
“I asked all my friends, ‘Where do you bank?’ Mart Vos, Founder and CEO of Eko Investments, told us.
“And I heard the same story so often,” he said. “My parents banked there, but they didn’t really offer the products that I want and need.”
A disconnect exists between leadership in financial services and the younger generation.
So, what can FIs do to fix it?
“Try to have a conversation,” Mart said. “Try to dig a little bit deeper. Often, top-of-mind issues have an underlying cause.”
With authentic intentions and a little elbow grease, FIs can bring young account holders into the fold.
“At the end of the day, I don’t think anyone who works in a financial institution doesn’t want the best for their clients,” Mart said.
Key Insights and Takeaways
- The perception gap in financial services and younger generations (5:15)
- Pattern matching the younger generation’s investing behavior (14:48)
- Using a predictive model for future opportunities (21:15)