How Personalized Financial Services Can Bridge the Generational Divide (2025)

Baby Boomers are expected to pass down trillions of dollars in wealth in the coming years, estimated to be in the mid $60’s to $90’s. The Gen X, Millennial and Gen Z heirs to this wealth may have less experience in traditional wealth management than their elders, but they will have solid yet varying priorities and goals. While the dollar amounts are impressive, these consumers will have specific wants and needs for housing, managing and growing their resources for their own heirs. Knowing what is important to them is necessary in order to create meaningful customer relationships — and key to developing a successful financial services marketing strategy.

Digital Dynamics

Digital-first will be top of mind for younger generations. With access to dynamic tools and methods for tracking and managing their portfolios, these consumers will expect much more from them both in performance and benefits. As standard banking practices continue to morph into increasingly digitized experiences, Gen X has the benefit of understanding both worlds and can navigate a traditional analog experience and keep pace with their Millennial and Gen Z counterparts. All three put value on seamless technology, customized suggestions and knowledge recommendations.

When you tailor a customer experience, it makes it easier for your client to get to a decision about what’s best for them. Depending on what they need, an in-depth, face-to-face conversation may be exactly what’s needed. For quicker answers, a video or article from a subject matter expert provides the information they’re looking for within a fraction of the time it would take to sit down face-to-face at a brick-and-mortar establishment. Providing the options for the experience that meets their needs best is the differentiator.

To establish those experiences, digital, marketing and creative teams have been adapting to:

• Predictive Analytics that use data to predict consumer behavior and needs based on life stages. Think: college or high-yield savings for young families or estate planning for older families. The same for predictive planning can also be used for major life events like marriage, home buying or retirement. This function ties in hyper-personalized portfolios and risk assessments using machine learning.
• Omnichannel-Connected Experiences integrate the "in-person" advice component of service through dynamic mobile apps, chatbots and immersive video. This personalized service engages customers at any time and anywhere, on-demand, delivering payment and customer service options, information, and offers in an always-on environment.

Read more:

• All Change: Get Ready Now for the Next Generational Shake-up
• Why Banks Should Stop Chasing Youth and Target Aging Americans Instead
• Young Americans Have Never Been Wealthier — Or More Stressed. Can Banks Help?

Loyalty Lifestyle

Loyalty programs are everywhere — from airlines and their partner credit cards that give frequent flyer miles and status a boost to hotel brands that tout luxury vacations, upgrades and select tourism experiences. You name it, you can probably find it. Banking is right in the middle of this mix, and today’s marketing strategies have begun integrating partnerships between banks and lifestyle brands to offer exclusive, interconnected experiences. These connected loyalty opportunities will appeal to consumers, connecting them with the biggest brands, essentially intertwining banking with lifestyle, perks and services.