Banks targeting young customers should build campaigns around life stages

The strategy: Young customers’ life stage changes drive their banking choices, according to banking consultancy Finotta’s latest report, “Millennials, Gen Z, & Money Moves.”

That means financial institutions (FIs) that can build effective “life stage” marketing campaigns could encourage more Gen Zers and millennials to start banking with them.

Here are the key life stages around which FIs should consider creating outreach campaigns:

• Early 20s: This is when customers may be moving out of their parents’ homes and looking to build independence with a career, education, and potentially new banking products. They may want to open their first credit cards and new checking and savings accounts, and they could be interested in student loan refinancing solutions.