Introducing Emotional Banking Consumers

Robert Mugabe Jnr, Bona Chikore, Grace Mugabe, Robert Mugabe Snr, Banking Consumers in Zimbabwe Robert Mugabe Jnr, Bona Chikore, Grace Mugabe, Robert Mugabe Snr, Banking Consumers in Zimbabwe

This is an ideological preview of the Emotional Banking Reports to be published from June 30th, 2015 by TheBehaviourReport.

Emotional Banking is the deliberated understanding and practice of banking based on not only Investment Intelligence but also Emotional Intelligence.

In Emotional Banking, there are four types of banking consumers; the Earner, the Grower, the Consolidator and the Inheritor.

This classification is an interpretation of the survey and insightful studies of behaviour of generational socioeconomic development on acquisition and accumulation of income, riches, wealth and heritage.

The Emotional Banking Survey revealed that 5% were between 16 and 24 years, 68% were between 25 and 40 years, 19% were between 41 and 60 years and 8% were 61 years and above.

THE EARNERS

The EARNER banking consumer group are those between 16 and 24 years that have started their financial journey; the keyword being income. 

It is in this age group that the consumer starts receiving money that they are required to be responsible for as they start their career development.

Earners want to earn but not necessarily work for their earnings as most of the time they feel their parents, guardians, schools, and the world actually owes them for just being themselves.

For this age group, school or academics is nothing because all the billionaires in the world are uneducated in comparison to our business leaders or parents, yet our educated parents emulate and preach about them. So what’s the fuss? School sucks anyway! 

Why should I bother with a career when I can work on something dramatic and innovative and then become an instant billionaire? 

We live in a country where even our industry leaders had been doing deals that were obviously unscrupulous hence who would want to be like them? 

These are some of the major influencers on how this age group behaves regarding consumption of products and services, especially the financial discipline that would be required to use banking services.

THE GROWERS

The GROWER banking consumer group are those between 25 and 40 years that are growing in their financial journey; the keyword being Riches.

It is in this age group that the consumer grows their finances and ability to earn more through furtherance of education, consultancies, investment, entrepreneurship just to name a few.

Growers want to grow their lives, knowledge, assets and influence, as they themselves grow.

They are natural leaders and peacemakers; having tasted both sides of the African culture and modernisation.

They know decency and moderation, and know how to be bad and indecent, as new media in their days caused them to be authors of new forms of rebellion that went unchecked or under the raider of prior generations.

This is the generation that is trusted by the elders for leadership in homes, schools, work places, and even national politics, as they understand more than other generations. 

This generation is the architecture of new styles, brands, concepts and ways of life currently advancing the nations. 

This is the generation that formed a new Money market when the Reserve Bank Governor decided to be strict on the use of foreign currency in Zimbabwe a few years ago. 

They have translated into other areas like retail, drugs, handhelds, and even consumer transportation, as the generation of a quick dollar seems better than awaiting 30 days for a payslip that has more deductions than earnings. 

These are some of the major influencers on how this age group behaves regarding consumption of products and services, especially the financial discipline that would be required to use banking services.

THE CONSOLIDATORS

The CONSOLIDATOR banking consumer group are those between 41 and 60 years that are consolidating their financial journey; the keyword being Wealth.

It is in this age group that the consumer consolidates their finances and possessions to establish their net worth for their families and influence in society.

They are aggressive, and often oppressed by guilt since they were very rebellious in their days as teenagers. 

They have a fusion of “rebellion” and “revolution” in their behaviour as consumers, parents and leaders in their respective fields.

They are the current captains of industry, managing institutions and the economy, as much as the affairs of their families in general.

These are some of the major influencers on how this age group behaves regarding consumption of products and services, especially the financial discipline that would be required to use banking services.

THE INHERITORS

The INHERITING banking consumer age group are those 61 years and above; the keyword being Heritage.

It is in this age group that the consumer is concerned with inheritance and heritage aspects of their finances and possessions, fusing consolidation as much as growing the same.

They are conservative, and sometimes bureaucratic, holding onto value systems that they have known since their teenage days. 

They are good grandparents, as the current teenage generation is nothing like them, yet respects and loves them unconditionally. 

Grandpa and grandson are usually best buddies, as the two are willing to share their experiences without victimisation, as one discovers history the other learns the present as a grown up baby.

Their behaviour as consumers, parents, academics, and citizens is filled with the need for respect, which they receive in certain places, yet are starved in others. 

Respect, recognition, praise, and continual expression of gratitude are some of the key things to attain loyalty from this generation, despite not necessarily accepting their advice or way of thinking. 

These are some of the major influencers on how this age group behaves regarding consumption of products and services, especially the financial discipline that would be required to use banking services.

CONCLUDING REMARKS

This ideological introduction to the Emotional Banking consumer in Zimbabwe must form basis for Emotional Intelligence for the Financial Service Provider as emotions matter in service delivery, customer satisfaction and profitability.

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