Generation X, also known as Gen X, is a demographic group born between 1965 and 1980. The GenX population in the United States is about 66 million people with ages ranging from 43-58. Many GenX’ers are entering their peak earning years and have diverse needs from their financial institutions. Thus, they are a valuable segment that banks must convert to customers to find success in today’s highly competitive environment.
GenX’ers behave differently than the other demographic segments. For example, while most people think younger people have their nose in their phones all day, GenX’ers spend 21 hours on their phone per week just checking emails! They also are more likely to have an older parent who they are having to take care of while still raising children of their own. The average Gen X carries a heavy debt load even when you exclude mortgages.
They are also big savers and prioritize savings, especially for their children’s education. They are heavily influenced by online reviews, by opinions shared online and by high-valued content (think how-to articles and videos).
So what do they want from their bank?
1. Frictionless banking
First and foremost they want a “frictionless” banking experience. That means the ability to bank whenever and wherever they choose via your online banking tools or app.
Gen X consumers are busy and don’t have a lot of time to spare. They want a bank that offers convenient services, such as online and mobile banking, and the ability to easily transfer funds and pay bills.
3. Personalized service
Gen X consumers appreciate personalized service and want to feel like their bank truly knows them and their financial needs. They want a bank that offers personalized financial advice and tailored products and services.
4. Competitive rates
Gen X consumers are savvy when it comes to finances and want to ensure they are getting the best deal possible. They want a bank that offers competitive rates on products such as mortgages, loans, and savings accounts.
Gen X consumers value transparency and want to understand the terms and conditions of the products and services they are using. They want their bank to be upfront and clear about fees and other charges.
As digital banking becomes more prevalent, security is a top concern for Gen X consumers. They want a bank that uses the latest technology to protect their personal and financial information.
7. Responsive customer service
Gen X consumers want to be able to reach their bank easily and quickly if they have any questions or issues. They want a bank that offers responsive customer service and is available to them when they need it.
Gen X consumers want a bank that is convenient, personalized, competitive, transparent, secure, and responsive. More importantly, effective bank marketing must successfully communicate these attributes to this generation on an ongoing basis if the banks hope to capture their share as customers. Banks should audit every brand touchpoint to make sure that these attributes are being clearly communicated at every opportunity.
Brandon specializes in marketing for financial institutions and has handled the marketing efforts of some of the most successful banks in the United States. Learn more about our expertise in this category and contact us to get started.