The recent Mumbrella Finance Summit brought together finance marketers from across Australia to discuss the uncertain landscape and future opportunities in banking, insurance, superannuation and finance. Here’s four key takeaways from the summit as gleaned by the Madden team.
1. Zooming into Zoomers
Generation Z or ‘Zoomers’ (1997 – 2012) are set to be the largest generation among all consumers.
By 2030, their income is projected to hit $33bn – more than a quarter of all global income, making them the most influential generation since the baby boomers according to Carolyn Reid, Executive Director Qualitative, Kantar Australia and Megan Whiteside, Vice President Corporate Affairs and Communications, American Express.
Zoomers will not compromise on their values. They care about work flexibility, freedom of choice and learning how to build wealth for early retirement – one-quarter of Gen Z would like to retire by 55 according to Kantar Australia research.
There exists a value action gap hindering their ability to fulfil their dreams, with 2 in 5 feeling financial services don’t make information easy to understand. They want brands to make financial resilience and sustainability easy with interventions designed to combat anxiety around financial decision-making.
To connect with Zoomers, Reid suggests:
- Centring language on building and managing their wealth and what this looks like, mentoring them on wealth-building strategies and catering to their desire for authentic and educational experiences.
- Building relationships (yesterday!) and cultivating loyalty through genuine relevant, value-driven offerings. But most importantly, be authentic in fostering their entrepreneurial drive – especially since Gen Z will likely lead the next wave of innovation.
2. A Cultural Shift
“Relentless disruption and anxiety for the majority of Australians has led to a re-evaluation of how they live and work,” said Nigel Roberts, Director, EY.
The increasingly complex and uncertain global and social environment has led to widespread anxiety.
So, what have Aussies done?
Put simply, they’ve redefined their lives; with increasingly value-driven choices. Many realised a greater focus on societal and environmental impact, increasingly acting on sustainability; 40% said purchasing and behaving sustainably is a guiding principle in their everyday life, and 35% would pay more for sustainably produced products (EY Future Consumer Index).
This means brands can expect to face significant scrutiny from consumers before any purchasing decisions are made.
Today, ‘glass box’ brands that are transparent about their operations and impacts will thrive. Amidst the activist mindset and research capacity of Zoomers, ‘greenwashing’ or pseudo sustainable initiatives are seldom practical, as brands are held accountable.
Similarly, brands that add value by determining the moments that matter most to customers to establish their role as a trusted source of knowledge, and leverage technology to help customers navigate as best they can, will thrive.
No doubt, it is difficult to plan for uncertainty; but the importance of reaching customers in the right place at the right time in a meaningful way is paramount.
3. Customer Engagement and ESG
The summit provided a wealth of recommendations for navigating challenging circumstances (within the context of Environmental, Social, Governance (ESG)) with two key considerations for businesses:
- Customer Experience (CX): Ash Pegram and Gerard Farrell of Global Reviews implore businesses to focus on seamless CX, ensuring different departments view the customer cohesively by using technology to build relationships. Much of this is grounded in fluidity, relationships and engagement across platforms and catering to varying customer groups – including those that are technology averse.
- Behavioural Data: Arianne Miller from LGT Crestone explored the implications and value of behavioural data, reiterating the need for cohesion across departments to streamline communication and produce tangible findings that can enrich the customer experience. This implores testing to learn, but also avoiding overengineering that can lose sight of the business’ identity.
As Rob Warren of Open Money Group explored, there is an 86% correlation between ESG and reputation. It is crucial businesses holistically incorporate ESG within their operations and values.
4. Invest in Yourself, Your Career and Your Company
Despite increasing digitisation being the ‘new norm’, in-person events remain highly beneficial:
1. To expand your knowledge and learn solutions to industry issues backed by deep research of some of prominent names in the field.
2. To network with like-minded industry peers and talk to presenters about their work and rationale.
3. To enhance professional and personal development and break out of old ways of thinking with tools you cannot necessarily be taught in-house.
We derived countless insights that will shape our approach to work and should define the future of finance and marketing.