Gen Z and financial services

Trust, Speed, and Omni-channel Experience

Millennials move aside. The New Kids on the Block are here. They go by the name Generation Z or if you are hippie and cool, just refer to them as Gen Z. Catchy, right?

Well, born between 1995 and the year 2015, Gen Z crave for new experiences, are big on digital platforms, and craze new things. And if you are the kind that brush them off as non-starters, perhaps the revelation that they just edged past the millennials in population numbers should have you taking them seriously.

In 2019, Gen Z finally surpassed millennials in population numbers and now makes up 32% of the world’s population (estimated at 7.9 billion). Impressive! Right?

The next decade will be phenomenal in the sense that Gen Z will comprise a third of the world’s global consumers and an estimated spending power of US$143 billion. It is these impressive numbers that have made financial institutions and banks to shift their focus to these digital natives.

Gen Z are not new to technology. They have grown through it; have lived it, and can’t imagine a world without technology. They have been part and parcel of a digital landscape characterized by instant money transfers, 24 hour chatbots, multichannel customer services, social networks, live streams, just to mention but a few. Unlike those born before them, they absolutely know what they want—a fast, convenient, hassle-free, and seamless banking experience.

Smartphones Are Part And Parcel Of Generation Z

Having been born into the smartphone craze, Generation Z’s lives revolve around smartphones. They live through them. They don’t just use smartphones for the sake of using it. They leverage smartphones to make their lives simple and hassle-free. They always have their smartphones on them and consume digital content like there is no tomorrow.

Gen Z abhors analogue services. They subscribe to streaming services and have a distrust for conventional banking institutions. They view traditional banks as a pain in the ass. The idea of queuing in a banking hall to deposit or withdraw money is something that infuriates them a great deal.

They have a short attention span of a goldfish and constantly worry about Fear of missing out (FOMO). They are always looking out for the next big thing. Think along the lines of machine learning, IoT, Cryptos, Artificial intelligence, to mention a few. They have no problem shifting from one gadget to another (tablets, smartphones, laptops, iPads, etc.) at the drop of a hat. To fully cater to their needs, banks need to be innovative—Omni-channel solutions.

Banks need to make Gen Z feel powerful and have control over their finances. Here, we are talking about 24 hour digital banking, use of virtual cards and money, among other groundbreaking digital solutions. The goal should be to offer services that integrate with the Generation Z’s lifestyle.

Distrust Is Dangerous

Gen Z lived through and experienced the dangers of the 2008 financial crisis. They have a serious distrust towards conventional banking institutions. Once they distrust your services, it’s game over. They immensely value transparency and honesty. Underhanded tactics that traditional banks employ, such as hidden fees and other uncouth ways of increasing their profits, are just a no-no.

Downtimes, poor customer service, and rigid financial institutions not willing to change with the digital times will see Gen Z customer base leave in droves.

And, fortunately, this is where hi comes in. Our core aim is to build the world’s first digital bank by leveraging blockchain technology. What’s more? This digital platform is interoperable across several chat platforms, giving Gen Z multiple options and convenience.

For Gen Zers looking for a seamless and hassle-free banking experience, hi has got you covered. Membership is free to all in whichever part of the world you are in. By leveraging blockchain technology, we make it possible for you to not only buy and transfer but also exchange money in real time at no fees!

What’s more? There is absolutely no requirement to download a mobile app in order to achieve all the aforementioned. This makes it perfect for Gen Zers who clamor for flawless and seamless financial services!

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