Independent Banker - December 2024 - 24

PORTFOLIO INNOVATION STATION
Banking and staff ing
Gen Z into the future
By Charles Potts, ICBA
s Gen Z (born between 1997
and 2012) graduates into the
full-time workforce, they are looking to
community banks as fi nancial partners
as well as potential employers. The
characteristics this demographic
seeks in both kinds of relationships
are consistent: They want personal
connection and digital solutions.
Fortunately, that technology-forward,
relationship banking model is
community banks' sweet spot.
When it comes to identifying a
A
fi nancial partner, research shows
Gen Z values a personalized banking
relationship. In fact, according to a
Capco study, 75% rated personalization
as " highly important, " making it
a signifi cant diff erentiator and
opportunity for community banks.
Gen Zers also place much more
emphasis on mobile banking than other
generations; Fiserv notes that 56% of
them cite it as their top priority when
selecting a primary fi nancial institution.
These numbers give community
banks clear direction: Digital solutions
and a personalized experience matter.
That's one reason ICBA brought
Rego Payments, a white-labeled
family wallet for fi nancial institutions
and their customers, into the latest
ThinkTECH Accelerator cohort. Rego
gives community banks a platform to
create a continuum of services that
progress experiences from teenagers to
senior citizens with a curated journey.
But this journey also needs to apply
to Gen Z as employees. Community
banks need to consider how this
generation will support them from a
staffi ng perspective.
Thankfully, the customer of the
future and the employee of the future
are not dissimilar. Both are digital
natives, tech-forward and techenabled.
With a high-tech, high-touch
model, community banks are well
positioned to meet the fi nancial needs
of this generation. As the competitive
job market continues, off ering a
work environment that speaks to
Gen Z's core needs will draw them in
as employees.
fRead more about what Gen Z
wants from their banking
relationship on page 44.
Community banks already share
values with this generation by off ering
a community-centric, local approach
to banking. A recent study from
American Student Assistance reported
that one-third of Gen Z would defi ne a
successful career by the ability to help
their community-which bodes well for
community banks as employers.
So, as we move into the new year,
do so with optimism about what your
future holds. Your digitally supported,
personal relationship banking model
resonates more than ever, solidifying
you in the minds and hearts of current
and future generations.
As 2024 winds down, I hope you
take the time to refl ect on your
successes and look forward to what's to
come, because community banks are
poised to lead fi nancial services in the
new year. In the meantime, have a very
happy holiday season!
Charles Potts (charles.potts@icba.
org) is ICBA executive vice president
and chief innovation off icer.
24 // ICBA Independent Banker // December 2024
Photo by Liubomir/Adobe
Independent Banker - December 2024

Table of Contents for the Digital Edition of Independent Banker - December 2024
