[Series #14] We asked college students a few questions about their financial institutions…

Name: Sophia
Age: 18
Major: Biology
Hometown: Charlotte, NC
Grade: Freshman at UNC
Fun Fact: Is going to switch her major to Physics
Financial Education Experience
How did you learn about personal finance in high school?
Through my parents. Also I went to Wells Fargo and asked them a bunch of questions when I was setting up my credit card.
Do you remember anything from that experience?
Just tips on interest, getting a good credit score and taking out loans. Stuff like that.
Short Personal Finance Quiz
How can a person increase their credit score?
Not spending money they don’t have and paying things back on time.
Do you know what an insurance deductible is?
Not really?
Banks
Can you describe banks to me?
It’s a place for people to put their money. They keep it safe for you.
Who do you bank with?
Wells Fargo.
Do you have a favorable or unfavorable opinion of your bank?
Favorable, for the most part. I like their interest rates. I like their discounts and their programs for students.
Do you feel loyal to your bank?
Yeah, just because I know them very well.
Credit unions
Can you describe credit unions to me?
I can’t.
Credit unions are like banks, but they’re non-profit. When you open an account at a credit union, you become a member and own part of the credit union. So while traditional banks are run by shareholders whose goal is to maximize profits, credit unions return all profits to their members in the form of reduced fees, higher savings rates and lower loan rates.
After hearing this description of credit unions, how has your attitude towards credit unions changed?
It’s good! It’s better. It went from neutral to better.
Would you consider switching to a credit union?
Maybe, yeah!
What are some things that a financial institution can do to make you feel loyal towards them?
Give me good interest rates and always have my money available.

Here’s the team behind Zogo. We built Zogo to help financial institutions attract and gain trust from GenZ. In just a year and a half, Zogo has won over ten national awards including the “Best of Show” at FinovateFall 2019 & NACUSO Next Big Idea Competition. As GenZ ourselves, we know how to get it done.
Visit www.zogofinance.com to see how our solution fits your organization and to schedule a demo to learn more from one of our committed onboarding specialists.

