People-first, forward-thinking: the balance of modern banking


By Zephyr Jaeger

While the banking industry has entered the 21st century in myriad ways, the history surrounding how banks did business has never really gone away – and it shouldn’t. While it makes sense that handshake agreements are out and notarized contracts, mobile banking apps and automatic payments are in place, the humanity of banking is something that should never fall to the brink. path. However, in this rapidly changing and highly digitized world, this is often the case. The good news, however, is that maintaining our humanity while moving forward in these technologically advanced times is 100% possible. It just requires a thoughtful approach.

Whether in a community or national institution, engaging and attracting customers is a crucial part of your bank’s success. Our changing digital landscape has introduced new opportunities to attract and connect with customers. For the younger generations, namely Generation Z and Millennials, building relationships at personal and community levels using the latest technologies and strategies is essential. These generations have grown so entrenched in the digital world that rapid technological advancements have become the norm. To catch their eye (and their business), responding to their expectation of innovation is essential.

Mobile-first working for the masses
The combination of classic and cutting-edge banking methods with the modern capabilities of today’s world is more than appealing to younger generations. Everyone from baby boomers to toddlers has a relationship with technology in one way or another, whether they’re checking their retirement accounts or learning their numbers on an iPad. From automatic bill payment to once-revolutionary ATMs, technology is adding incredible value to people’s lives, making them simpler and more efficient. New banking technologies thrive when banks put the lives of their customers at the forefront of their thinking.

An important aspect of meeting diverse customer needs is ensuring your digital transfer offerings are inclusive, engaging, and informative. While it might seem like there’s a pervasive understanding of the progression of the technology movement, the complexity of using technology for banking (or any other type of financial matter, really) can be quite daunting. This is especially true for older generations who grew up in the age of in-person banking. But adapting can also be difficult for young people, like Gen Zers, who have a general distrust of traditional banks. Transparency and communication are essential throughout the implementation process in order to allay any confusion or apprehension among your more cautious customers.

A critical aspect of implementing these digital products and services is providing comprehensive training on how to use them, but the need for training doesn’t stop there.

Break down the barriers
Financial literacy is alarming in the United States. Before your bank can engage its customers with new programs, credit card offers and more, you need to be a source of comprehensive financial education. Providing in-depth financial literacy and advice to your clients is a surefire way to make them feel empowered and in control of their financial well-being. It allows them to make smart decisions while opening their eyes to the many possibilities they may have missed before. Concepts like investing, starting a business or taking out a loan are not made explicit, leaving too many people out of a club that should be for everyone: the financial wellness club.

The beauty of our increasingly connected world is that it’s easier than ever to provide equitable access to a comprehensive education. Beyond basic learning, technology enables your bank to implement a range of products and services that open doors for your customers to explore the financial world. A bank shouldn’t just be a place where people store money – it should be a source of information, support, acceptance and growth. The fusion of people-centric and digital strategies will bring together the old and the new, appealing to all types of customers.

Digital banking doesn’t have to be daunting. By educating your customer community, your bank can ease the apprehension that new financial technologies often induce and empower future generations of consumers.

Accessibility, Inclusivity and Education
Whether it is a national or community bank, there is always a way to change the practices of your institution and respond to a diversified clientele. Implementing new technologies is no longer an option, it is a requirement. But the way you go about it shouldn’t cause distress or disruption, even for your most technologically advanced customers. Technology brings convenience, and it is up to your institution to be a helping hand, a guiding light, to all who may need it. Fortunately, there are more resources than ever to help your bank with this endeavor.

Using technology to bolster your financial education services is a fantastic first step in more directions than you might think. Knowledge equals power, security and comfort, especially in these rapidly changing financial times. Delivering training in a mobile-first format will help your clients get used to learning and managing financial matters using technology. Rather than leaving your customers doomed to scroll through financial TikToks, which may or may not offer accurate information, your institution can provide a comprehensive financial literacy resource that puts your customers on the right track.

When education and technology intersect, critical knowledge becomes increasingly accessible to those who need it most. The power of financial inclusivity cannot be underestimated, as it enables historically disenfranchised communities to access the information and resources needed to break harmful generational, community, and socio-economic patterns.

A global step forward
As the world adjusts to the ‘new normal’ of digitizing just about everything, implementing the latest technology in your bank is just the first step in keeping up with the times. in a way that attracts and pleases customers. Providing a comprehensive education is an essential second step, ideally in conjunction with the first. The third step (and arguably the most important) extends the first principles to an initiative that is now all the rage in financial institutions around the world: Environment, Social and Governance (ESG) standards.

Pressure from consumers, investors and other stakeholders has catalyzed a social conscience movement that banks are implementing. This is in order to improve both their standards and practices and attract the growing number of customers who care deeply about these things. Gen Zers are particularly interested in issues encompassed by ESG, including social justice efforts, carbon footprint reduction, and workplace equality, among others. Notably, providing accessible education and financial opportunities, especially for historically disenfranchised and disadvantaged communities, is a major aspect of many ESG efforts. Embracing a strong ESG initiative is a step-by-step way to start attracting younger generations, socially responsible customers of all demographics, beneficial investors, and generally improving your bank’s practices.

Zogo’s financial literacy app is an award-winning product used by banks and financial institutions across the country to empower customers in their financial journeys. The innovative and ever-evolving company has gained more than one million app users, many sponsored and supported by funding partners, and nearly 250 partners. Along with its suite of top-notch products and services, Zogo shines as a one-of-a-kind educational tool.

In addition to helping your bank boost its education efforts, Zogo’s Mobile Banking Loyalty Program is a new way to increase customer activity and loyalty. Using a gamified and rewarding model similar to the standalone app, Zogo’s loyalty program can be implemented directly into your existing mobile app. With customizable goal options and an ever-expanding library of financial literacy courses, Zogo may be just what your institution needs to take a giant leap forward in digitized customer-facing efforts.

Zogo is also a tool to achieve your bank’s ESG objectives. Earlier this year, the Zogo team was thrilled to find themselves featured in the first-ever ESG report from one of their partners: American Express. Zogo’s financial literacy education is unparalleled; designed to be engaging and comprehensive for all ages, modernized and fun financial lessons are the perfect way to kick-start or strengthen your bank’s ESG efforts. Plus, the educational app’s sleek, mobile-friendly template brings your educational endeavors into the 21st century in a snap. Two birds, one stone: Zogo.

To learn more about how Zogo can benefit your bank, request a demo with our innovative team today!