Targeting Generation Z in Financial Services

Targeting Generation Z in Financial Services

Summary

Generation Z have new expectations within financial services. The cohort can be described as young, ambitious, tech-savvy, and even influencers of the future. They have grown up during some of the key innovations and fintech launches around the world. In the current market, it is essential that FS providers try to better understand who Generation Z are, what they want, and how to best market their products and services to attract them.

This report takes a deep dive into Gen Z’s attitudes towards financial services/providers using key data points from our 2020 Banking and Payments Survey. The report provides analysis on the best practices that FS providers can take in order to maximize their chances of better engaging with and acquiring the cohort.

Scope

  • GlobalData statistics reveal that 46% of those aged between 18 and 24 prefer traditional providers. This means that over half prefer alternative providers such as digital-only banks. These respondents also express a clear preference for excellent digital services, an attractive rewards program, and the support of ethical concerns.
  • Across all channels, the preference is digital for those aged 18-24. Despite this, when it comes to researching financial service providers, we have found that there is a preference for other methods of research.
  • 84% of Generation Z believe personalization is important, and many of the personalization characteristics have higher importance for those that prefer alternative FS providers.
Reasons to Buy
  • Analyze Gen Z perceptions of FS providers.
  • Specify the attributes of FS providers that are most valued by the cohort.
  • Measure the importance of personalization, with a deep dive into key personalization attributes.
  • Access insights into research methods and social media strategies that can be implemented.
  • Receive an overview of some of the global Gen Z propositions and offerings.


  • Executive summary
  • Defining the Cohort
    • A new generation with new expectations
    • Global innovation and fintech launch overview
    • Digital transformation trends that will shape the future of financial services
    • Global movements in AI and ML
  • Major Survey Insights
    • Tradition bank should aim to move away from standardized offerings
    • Using different digital transformation trends can create a better experience
    • Regular incentives can create more value and better engagement
    • Generation Z believe personalization is important in comparison to other cohorts…
    • and by using open banking and AI, traditional players can augment their personalization strategies…
    • taking into consideration that Gen Z are more willing to share their data with third parties than any other cohort
    • FS providers should take an omnichannel approach to provide company information
  • The Threats of Buy Now Pay Later
    • BNPL is a potential threat for banks trying to target Gen Z with credit cards
  • Generation Z Banking Propositions
    • UK: Monzo Plus & Monzo Premium
    • Spain: Mitto
    • India: Yodaa
    • Singapore: OCBC 360 Account
    • Global: Zelf
    • UK: PNBL – HyperJar
  • Conclusion
    • The four-step summary
  • Appendix
    • Supplementary data
    • Methodology

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