A perfect place for that financial education. College.

As a community bank, you rely on your reputation for personal and trusted relationships, your focus on the community, and your interest in doing what’s best for your neighbors. But, as we’ve all come to well understand, to remain competitive – especially in an increasingly digital and fast-paced financial landscape – your institution must build its relevance with the younger generations of consumers.?

One such group of consumers is Gen Z. This group, on the “tail end” of it, is still in their college years, and represents a crucial customer base that your community bank cannot afford (literally!) to overlook. By effectively marketing your student banking products and services to this tech-savvy generation, you can create long-term relationships, build brand loyalty, and ultimately expand your customer base.? After all, these are consumers who are just beginning to move into that phase of life when, well, money becomes really important! Access, as well as an understanding of, banking services is especially important as they navigate newfound independence, tuition payments, and part-time job incomes. Marketing your specialized student products – such as no-fee accounts, “beginner” investment products, financial guidance, and low-interest loans – creates an opportunity for your community bank to truly stand out to this group.??

Of course, engaging social content that highlights the benefits of these student-focused products is an absolute necessity in engaging with this audience. Get your social media messaging out there. Use your Instagram, TikTok, Snapchat, and YouTube channels to reach students with products and information that are relevant to student life.??

At the same time, despite their reliance on the digital world for information, this generation has also exhibited a deep desire for personalized experiences.

Have you been on a college campus lately? I have. It truly opened my eyes to the opportunities that brands, including banks, have with an on-campus presence. While we parents of college-aged “young adults” (present and past) would rather not think about it, college students have an incredible amount of time to themselves. And with that, a great deal of time to experience life outside the classroom. Here are just a few suggestions on how your bank can take advantage of that time, and make true inroads with students:

Sponsor campus events and activities

Supporting events like concerts, sports games, or festivals on campus provides direct exposure to students. Offering branded freebies or setting up an experiential booth at the event can create lasting brand impressions. Here you can not only sell products, but you can also connect with students looking for internships, jobs, or future career opportunities, making your brand memorable as they transition to the workforce. And, with that transition, create wealth and begin making those “lifetime” decisions … and purchases.

Create campus ambassador programs

Students are always looking for income opportunities. Recruit students to represent your brand on campus through an ambassador program. These ambassadors can promote your brand through word-of-mouth, social media, and by hosting events or giveaways. They act as relatable spokespeople who can build a local connection with their fellow students.

Host giveaways and contests

Interactive campaigns, such as social media challenges, giveaways, or raffles, incentivize student participation. Prizes like tech gadgets, gift cards, or free products can be secured at relatively low costs, and drive engagement while creating buzz around your brand.

Provide value through money management content

Offering educational materials, workshops, or seminars on topics like financial literacy, career readiness, or wellness resonates well with students. Position your bank as a source of value and guidance for students not just during their college years, but beyond as well.

Partner with student organizations

Collaborate with student organizations, teams or clubs to sponsor activities or provide relevant products and services. The opportunities are innumerable and the partnerships invaluable as you connect directly with niche groups of students who share common interests. Greek life organizations are ideal, as access to funds is a necessity. According to US News and World Report in Joining a Sorority or Fraternity Comes With a Cost, “at the University of Alabama, the price for a member not living in the chapter house for 2022-2023 was nearly $5,000 per semester, including a meal plan and local and national chapter fees. Living in the house can cost as much as about $9,400 per semester. This includes room as well as a meal plan and local chapter and national fees. (Both amounts do not include one-time pledging fees.)” How many Greek life students are there at ‘Bama? Over 6,000. That could amount to quite a few checking accounts!?

In conclusion, seize the opportunity

It's critical that community banks prioritize the marketing of student banking products to late Gen Z college students. By understanding the unique characteristics and preferences of this demographic, your bank can craft both digital and “in-person” personalized experiences that resonate with these young adults. By leveraging a mixture of digital outreach, campus involvement, and value-driven content, your bank can be truly unique in the way it appeals to on-campus students and differentiate itself from the large regionals, nationals and neobanks.

Bank Marketing Center

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers — developed by bank marketing professionals for bank marketing professionals — that will help you build trust, relationships, and revenue.?

We also want to share what we know – and learn along the way – with all our community banking friends. Whether it’s the latest on AI technology, suggestions on how to attract and retain top talent, or the importance of data protection, we’re here to make bank marketing the best that it can be.?

Want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at 678-528-6688 or via email at [email protected]. ?As always, I welcome your thoughts.