Well there is never a dull moment in the banking industry. Move over Millennials, Gen Z is about to step things up another notch. Digital technologies and fintech start-ups are among the industry game-changers of Millennial vintage. Gen Z banking is a whole new bag all over again. Let’s take a closer look.
Unique character of Gen Z banking
Gen Z shares many habits and proclivities with Millennials. Yet this generation certainly has financial habits and motivators that are all their own. Gen Z banking will be driven by a generation that is:
- Powerfully inclined towards saving
- Highly debt-averse
- Looking for a financial partner/bank that is in their corner
So what does it look like?
Millennials swooned over digital technology and drove this to incredible new heights in the banking space. Yet Gen Z banking must look beyond the digital frontier to impress this upcoming generation. For Gen Z, digital technologies are the norm and generally fail to thrill. What stokes Gen Z in a financial space is access to timely personalised accurate banking information through existing digital channels. So, it’s less about being tech-savvy and more about gaining trust.
Consider this: Gen Z commonly have the most negative outlook on their financial future and tend to trust digital technology over banks. What they want, however, is for banks to prove their trustworthiness and dependability so Gen Z have a reliable partner to support them in transitioning into adulthood and financial independence. To establish themselves as such, banks must use chat bots, mobile apps, voice assistant platforms and more to provide Gen Z with reliable relevant advice.
Gen Z banking products that support patrons of this vintage to live within their budget will also be strongly received. Gen Z already favour pre-paid cards and no-overdraft accounts, with many already having well-established savings habits.
Ready to meet and excel in Gen Z requirements? Speak to the experts with experience, creativity and vision in this field. Call Design Clarity today or take a look at their portfolio of recent projects, including work for:
- People’s Choice Credit Union