Move over, traditional banks, the disrupters are here. So say millennial and Gen Z consumers.
BrandCap, a performance branding specialist, has created a financial relatability index for financial services brands. Four key indicators of relatability underpin the index:
- Competence: Does this brand allow me to interact with it in a way that suits me best?
- Empathy: Does this brand understand my changing needs?
- Character: Does this brand reflect me and my values?
- Confidence: Can this brand be relied upon?
Millennials and Gen Zers, ages 18 to 34, chose three digital entities as the most relatable brands: Marcus, a Goldman Sachs online lending company; Venmo, PayPal's mobile payment service; and Finn, Chase's mobile banking tool.
What made these digital brands so relatable?
The biggest drivers were double-digit scores above the index median on competence and character. Marcus, Venmo and Finn are digital-savvy brands that meet and often exceed customers' expectations of their products and services, according to BrandCap.
It noted that the Marcus financial services platform aims to eliminate customer pain points and build competence with its approachable way of managing finances.
In addition, it demonstrates empathy and character by showing customers how to manage debt and set achievable financial goals, and it aligns itself to its parent brand — consumers are much more willing to provide personal information when they know it is backed by Goldman Sachs, according to BrandCap.
"As we've seen from the top performers on the relatability index, the winners are iterating their products and services quickly to meet user needs, creating mobile-first experiences that build loyalty, and are offering new ways of banking that put flexibility and convenience front and center of the customer experience," BrandCap director Lindsay Beltzer said in a statement.
