Like Millennials before them, Gen Z is driving change for financial and banking technology. As younger generations are more tech-savvy, they are demanding greater technology innovation when it comes to finances. Continue reading to learn how banks are keeping up with the requests for innovation.
Gen Z, Millennials’ Changing Preferences Drive Financial Technology
A recent BAI Banking Outlook Special Report featured the difference between the Gen Z, Millennials, Gen X, and Boomer generations and how they prefer to bank. The younger generations, Gen Z and Millennials, are pushing for more digital change within the industry.
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A Customer Experience Focus is Essential for New Banking Technology
Banking today is focusing more and more on the customer experience aspect of banking technology. This way, banks focus on meeting their customers’ needs. In the coming year, trends such as digital account opening, application programming interfaces (APIs), video collaboration, P2P payments, and cloud computing will become popular.
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Wall Street Investment Analyst, or TikTok Influencer?
Nearly half – 45 percent – of Gen Z gets their financial advice from social media apps like Instagram, TikTok, and YouTube, but 63 percent said they felt anxious about their personal finances. David Nelyubin, Senior Research Analyst, Emerging Technologies Advisory Service and Worldwide Payments Model at Mercator Advisory Group believes a banking/payment ‘super app’ would help calm these fears. This “super app” would be a “one-stop-shop financial app that consolidates financial information and allows a connection in one place,” said Nelyubin.
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