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.
– 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.
Table of Contents
Table of Contents
Defining the Cohort
Major Survey Insights
The Threats of Buy Now Pay Later
Generation Z Banking Propositions