Banks have done well to increase the representation of Generation Z consumers, but have left Baby Boomers behind in the process, according to a study.
A whitepaper produced by Getty Images’ Creative Insights team looked at financial services around the world, including Australia’s Big Four, to help understand the impact of how they use visuals.
The report found that despite local banks being rocked by the banking royal commission, 58% of Gen Z consumers think financial services are trustworthy.
Another finding was that banks which visually represent Australia’s diversity are considered more trustworthy among Gen Z. Commonwealth Bank topped the most trusted banks, with 43% of young Australians aged 18-24 trusting the provider.
Kate Rourke, senior manager at Getty’s Creative Insights team, says Australia is in line with global trends but our banks are doing a particularly good job with Gen Z and a lot of that can be put down to representation.
“Commonwealth Bank came out as the most trusted bank within that generation and if you look at the images and videos it uses, they are representing a whole diverse group of people,” she says.
“Gen Z consumers also said in the survey that they want to feel represented. In order to trust a bank they want to see it represent society as a whole, show people with disabilities, and that was really interesting to see.”
But as banks have paid more attention to Gen Z, older generations are being left behind and Rourke says more needs to be done to build their trust.
“There’s an awareness there and we're certainly seeing a bit of an uptake in terms of, for example, showing seniors in business, or showing them doing things other than caring after their grandchildren or being cared for,” Rourke says.
“They have hobbies, they go on holiday, they do these big travel. In fact, they travel a huge amount, because of the amount of money they have, so Baby Boomers, in terms of an economic demographic, they're the ones that have got a lot more money.”
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