LAS VEGAS–Five college students who are all members of Generation Z shared their perspectives on credit unions, fintechs and money itself before a group of CU leaders gathered here.
The five students, all finance majors at the University of Nevada Las Vegas (UNLV), were part of a panel discussion at Mitchell Stankovic’s Underground Collision meeting. The session was moderated by Lenny Vallone, CMO with SCE FCU. A separate student answered each of the questions.
Here’s a look at the questions asked and the answers provided:
Vallone: What does the future of your generation’s financial well-being look like?
A: For me, personally, I have had the attitude the future is bright. We’re in America and there really isn’t anything for us to worry about. History is bound to repeat itself and regardless of the turmoil we are experiencing, it is going to be bright.
Vallone: What is your relationship to money?
A: Overwhelmingly, I would say the relationship is pretty positive. Studying finance helps in having that added financial literacy. I am relatively risk-averse. I try to stick to saving and less risky financial instruments. I find money fascinating. I would say my relationship is pretty healthy.
Vallone There are a lot of fintech apps, a lot of choices; are there certain apps you use and why?
A: There is Mint, the personal finance tracker. Acorns is a good one. What they all have in common is an easy integration with your life. It’s easy to look through and see all your finance stuff right there. I think the key to it is an easy user interface, something that takes the stress out of finance.
Vallone: What makes you want to be part of a brand?
A: For the most part, I think, there is value and consistency in being able to build trust with your clientele? For the most part, seeing what we can value and trust in a company is the biggest key player in getting people invested in a credit union or any company.
Vallone: What advice would you give to credit unions about connecting with Gen Z?
A: That is a loaded question. I have an account with SCE Credit Union I have had since a partnership with my high school. When it comes to credit unions and my generation, my generation has a couple of different traits. One of them is we are a generation looking for instant satisfaction, we are looking for things to be done (at the snap of a finger). We like to have processes that are quick, clean and easy to use.
‘Hate the Bots’
I don’t like to go into a branch, and really hate the bots on the customer service side. I think the future is going to be kind of a hybrid. Our generation doesn’t like the 100% technological interface. We like the connections between people, the relationships. And we like to know we can believe in the values of the organization we are doing business with. I would just say to people in management with credit union to take some time and talk to people in my demographic.