What Bank Swag Does Gen Z Want?

When Community Bank & Trust, a division of $2 billion-asset Cedar Rapids Bank & Trust, was brainstorming new swag and incentives to attract young millennial and Gen Z customers, they went right to the source: their interns. 

“One of the best practices is getting their feedback,” says Kyle Baker, vice president, retail banking manager of the Waterloo, Iowa, community bank. “We have interns in both retail and marketing every year, and this year, we really leaned on them to help us create a campaign. We asked them, ‘What would inspire someone in your age range to switch banks? What do you look for? What’s important to you?’ We really wanted to get their input on how to direct this campaign.” 

Cash offers and high-dollar items for college—such as headphones, tablets and laptops—were a couple of the incentives most often cited. Translation: You need more than toasters if you want to attract the newest generation of bank customers. 

Aligning Gen Z with community banks 

Categorized as those born between 1997 and 2012, members of Gen Z are more than 68 million strong, making up 21% of the U.S. population. They are digital natives, meaning they have never experienced a world without the internet, and are experts at wielding social media platforms to elevate their voice and influence. As consumers, they’re loyal to the brands and companies that offer one-on-one attention and personalization. 

“They are primed to embrace the community banking concept given their values around community and the importance of personalized attention,” says Rob Birgfeld, ICBA’s executive vice president and chief marketing officer. “We know there’s an incredible match between their ideals and the community banking business model, but we need to educate them, and that’s something that we see as an opportunity more than anything.” 

“It’s really important to go after someone early in their banking life cycle so that we can be their bank throughout their whole life and meet their financial needs at whatever stage they’re in.”

—Kyle Baker, Community Bank & Trust

By educating Gen Z about community banks, you can create customers for life, positioning your community bank as the primary financial institution that can support them through graduation, their first job, homeownership, starting a family, wealth building and, eventually, retirement. 

“It’s really important to go after someone early in their banking life cycle so that we can be their bank throughout their whole life and meet their financial needs at whatever stage they’re in,” says Baker. 

Swag is proven to be an effective tool to attract customers. The Advertising Specialty Institute reports that promotional products are the most high-impact, cost-effective advertising medium around. The key is making sure your sign-up incentives are thoughtfully selected and tailored to a Gen Z audience. 

Swag with impact  

Useful gifts and cash are always appealing swag options, but if you want to spark a deeper connection with Gen Z customers, consider promotional products that speak to their interests.

“They want to know what you are doing for your community, what organizations you support, what you’re involved in. It’s important for community banks to showcase this,” emphasizes Baker. “This is our strength as a community bank. Gen Z really values that.”

Swag inspiration

So, how can you translate those ideals into meaningful swag? 

Perhaps you make a commitment to only using eco-friendly swag, like reusable grocery bags or refillable water bottles. Instead of cash incentives, your community bank could donate to a local charity every time a new customer opens an account. You could even partner with local creators in your community to gift new customers with one-of-a-kind pieces of art.   

“There’s a pride and interest in supporting and being part of a community, so when we talk about how swag can help, it’s really about how swag can embody a bank’s role and membership in a community,” says Birgfeld. “What are the unique attributes of the community that you call home, and how can you put your arms around that?”

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