If you are still hang on millennials, it is time to move on and chart fresh waters. The era of generation z (abbreviated as Gen Z or Gen Zers) is here. In 2019, Gen Z finally eclipsed millennials in population numbers and now makes up 32% of the 7.9 billion world population.
It is no longer a dream. If you are a financial institution keen on achieving a competitive edge, it is time to map your strategy with Generation Z in mind. Born a little over 2 decades ago (between 1995 and 2015), Gen Z are the digital kids.
Technology has characterized their whole life. In fact, Gen Zers craze new things, crave new experiences, and convenience above everything else. They care less about bureaucracy and to them, what matters is value they get from using various digital products, the experiences, and how hassle-free it makes their lives.
And with the next decade seeing Gen Zers making a third of the global consumers with an approximate spending power of US$143 billion, banks and financial institutions cannot afford to ignore them. They are the future and meeting and exceeding their expectations is the first step towards romping them in.
Gen Z have grown up in a digital landscape. They have no recollection or rather didn’t grow up in the era of telegrams, long bank queues, newspaper advertising, snail mail and what not. All they have known is instant money transfers through the use of mobile apps, instant customer support through the use of 24-hour chatbots, and Omni-channel customer service.
They are digital and know exactly what they want–banking financial services that are inclusive, seamless, fast, and hassle-free.
Life Revolves Around Their Smartphone
For Gen Zers, their lives revolve around smartphones. They consume copious amounts of information and content through their smartphones. They are always craving for new things, experiences and suffer from fear of missing out (FOMO). They subscribe to streaming services and are always consuming content on the go. To them, the painstakingly slow pace of the traditional banks is a pain in the ass.
They want instant money transfer, instant resolution of problems they raise, instant communication, and etcetera. With their short attention spans, banks and financial institutions need to come up with effective strategies to cater to their needs. Think along the lines of Omni-channel solutions. It is not uncommon for generation Z to switch between gadgets (laptops, smartphones, and tablets) at short notice. They are always on the lookout for the best experiences.
To attract and keep Gen Zers, banks and financial institutions need to put power in their hands–power to control their finances. Yes, Generation Z wants to have control and a say in how they transfer their money and also have the leeway to enjoy a pure digital banking experience. Think along the lines of virtual cards, virtual money, and diverse digital products.
Lack Of Trust = Game Over
Gen Zers are not new to financial crises, having experienced the 2008 global financial crisis. As such, they have a disdain and distrust towards conventional banking institutions. What they expect from their banks and financial service providers is nothing short of absolute honesty and transparency.
What does this mean? If they suspect or come to know that you employ uncouth business practices such as hidden fees or just pathetic customer service, it is game over. They move on without thinking twice.
The reality of the matter is that majority of the conventional banking institutions are yet to fully address the concerns of Gen zers. While some are adopting new technology and going big on Fintech, most of them are yet to toe the line and this is only going to lose them a huge chunk of the Generation Z customer base.
Luckily for you, hi comes in to bridge this gap. We are all about leveraging blockchain technology to give Gen zers financial services that they clamor for. Think about the world’s first community digital bank that is operable through multi-chat social messengers! That’s what we are all about and actively building.
Our membership is free to anyone across the globe who shares and believes in our dream. We assure you instant money transfers, exchanges, no fees, no mark-ups, industry leading top notch security to safeguard your money, and no requirement for mobile apps to buy trade.
Seamless, right? We are all about providing financial inclusion and integrating our financial services with the lifestyle of Generation Z!