The following post is part of a series of blogs written by MeridianLink® Partners who will be attending MeridianLink LIVE! To learn more about the event, click here.
Today’s consumer expectations are more stringent than they’ve ever been. Finding new customers who’ll say ‘yes’ to what you’re selling takes some serious creativity. With people interacting across so many channels, keeping your messages consistent and going all-in on omnichannel delivery is no longer just a nice-to-have. Throw in the challenges of ever-changing financial market conditions, data deprecation, and new regulations, and it’s clear that reaching and engaging target audiences today demands a fresh, innovative approach.
There’s no single winning recipe for a killer lending strategy, but a key ingredient is knowing how to win over millennial and Gen-Z consumers. Let’s dive into why targeting these groups differently is essential to both your immediate and long-term success.
The numbers say it all
Millennials and Gen Z now make up nearly half of the US population. With millennials doubling their average net worth since 2019 and Gen Z stepping into the credit scene, these generations’ takeover of the borrowing universe is already well underway. Millennials are hitting their financial strides, earning more, growing their families, and boosting their borrowing power. Meanwhile, Gen Zers are securing loans for their first cars and homes, while showing surprising financial savviness by investing at higher rates and earlier ages than previous generations.
Millennials and Gen Z are set to drive huge demand for financial products and services. Getting on their collective radar isn’t just about this year’s numbers; it’s about building lasting loyalty. 78 million Gen Zers will be fully in the workforce and active in the credit market within the next decade. Engaging with them now plants the seeds for a future harvest of loyal customers and steady business growth.
Traditional marketing tactics alone haven’t always resonated with millennial and Gen Z consumers. From print ads to direct mail campaigns to once-coveted spots in glossy magazines, the old standbys by themselves just don’t hit the mark like they used to. They’re highly selective about the brands they engage with, favoring those that offer authenticity and a strong online and social media presence. And for these generations in particular, a single bad experience can ruin the relationship and drive them to other brands.
Unlocking the minds of young borrowers
What are these younger borrowers ultimately hoping to get out of their brand interactions? They want to align themselves with brands that share the same values and satisfy their craving for personalized experiences.5
Millennials and Gen Z don’t want to be just another number in a database; they want to feel seen and understood. Traditional marketing tactics like generic email blasts likely aren’t going to cut it, whereas a tailored email offering a loan product specific to their needs and interests stands a greater chance of making them stop and take notice.
But you can’t just market to these audiences in one way alone. The modern era of credit marketing is both full-funnel and omnichannel. This means building and acquiring custom audiences that align to your risk thresholds, presenting offers consistently across traditional and digital channels, and leveraging innovative data sources beyond traditional credit information.
For younger consumers, seamless, omnichannel interactions are expected. For lenders, creating a cohesive experience across all touchpoints is crucial.
In short, it’s about being aware and present wherever your customers are. Personalization is key, but it requires understanding customers’ histories, behaviors, and preferences. This means using regularly refreshed and enhanced traditional, blended, and alternative credit data to create risk-aligned audiences, as well as marketing data to tailor the creative elements. With more accurate, data-driven insights, you can deliver hyper-relevant credit offers that younger consumers are more likely to act on.
Meet them when they are
Building offers on fresh data is crucial but delays in delivery can cost you customers. Take Gen Z graduates starting their first jobs, for example. If your credit card offer with cashback rewards on everyday purchases like groceries and streaming services arrives after they have chosen another card, you have missed your chance.
Modernizing your marketing tech and integrating diverse datasets can cut down the time from data access to offer activation. This ensures your offers are timely and targeted, and meet the high expectations of young consumers.
Meet them where they are
Research indicates 68% of consumers are more likely to buy if a brand engages with them personally across channels. For millennials and Gen Z, this number is likely higher, spotlighting the need for a tailored marketing strategy that engages these audiences through their known preferred channels.
Delivering offers through the right channels not only enhances their experiences but can boost conversion rates. A modern prescreen solution not only enables you to uncover target audience needs and preferences, but also helps you activate offers across multiple channels quickly.
Targeting audiences with personalized, credit-based offers through their favorite channels can boost customer satisfaction and response rates. In addition to enhancing marketing effectiveness, this also helps maximize revenue growth. Outdated systems and manual workflows can slow down campaign execution, considerably reducing potential benefits.
Ready to learn more? Get our Quick Guide to Modern Prescreen Marketing to discover how TransUnion® Advanced Acquisition and the latest, potent acquisition best practices can help you meet the high expectations of millennial and Gen Z consumers.
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