Banking on the next generation

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B A N K I N G O N T H E N E X T G E N E R A T I O N SEAMLESS Gen Z have busy lives – make it easy for them to remain loyal Starbucks has the most regularly used loyalty rewards app (48%) among a list of major restaurant chains. Why is the app so popular? The answer is seamless digital integration. In order to earn loyalty points (or stars, in their case), customers must order or pay with the Starbucks app – something that is very familiar to Gen Z and part of their every day lives. This makes claiming and using rewards an automatic, seamless process. 24
B A N K I N G O N T H E N E X T G E N E R A T I O N NON-MONETARY Reward doesn’t have to be monetary. Can you align to Gen Z’s values and encourage them to pass the reward on instead? Gen Z are a very passionate and aware generation – they have many concerns about the future of the world with the most important political issue being the environment stated by 49%, as well as healthcare – particularly mental health – and equality (State of the Youth Nation). Toms are a shoe brand, renowned for its One for One approach, in which the brand donates a pair of shoes to a child in need for each pair of shoes purchased. WEEWOOD, a watch brand, understands Gen Z’s concerns about the future of the planet. They plant a tree for every watch purchased and have planted 442.246 trees across the globe so far since the programme began in 2010. As a result, spending on fashion – a seemingly unethical act – rewards Gen Z by making them feel like they are doing good for the world. 25 1
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Banking on the next generation

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