Meeting the Expectations of Gen Z and Millennial Customers: What Banks Need to Know (2024)

The banking landscape is undergoing a significant transformation as the financial needs and expectations of the younger generation, particularly Gen Z and millennials, take center stage. With their tech-savvy nature and unique financial priorities, these demographics push banks to evolve and adapt. What do Gen Z and millennials need from financial institutions? And how can their needs be met most efficiently?

Gen Z and millennials are the digital natives of our time, but why exactly do they veer to a digital-only option? These generations expect a seamless and intuitive digital experience when it comes to banking. Users want banks to provide personalized financial guidance, whether it's about budgeting, saving, investing, or paying off debts. Banks must prioritize the development of robust digital platforms that allow customers to perform transactions, access account information, and engage with financial services effortlessly. Artificial Intelligence (AI) and machine learning can play a crucial role in analyzing customer data to offer relevant financial advice that resonates with their unique goals and circ*mstances.

Not only do these generations seek transparency and authenticity from the institutions they engage with, they want banks to be clear about fees, terms, and conditions. Furthermore, these generations value financial education and want their banks to provide resources that help them better understand financial concepts and make informed decisions. Educational content, workshops, and webinars can help banks empower their younger customers with essential financial knowledge. Products like Finotta’s Personified Platform can provide all these services directly in your institution’s mobile app with seamless integration. Users are granted direct access to the tool with the same look and feel they know and trust - leading to fast adoption and high engagement.

Gen Z and millennials are shaping the future of banking. Discover how to meet their expectations in the full blog on our website.