Some were allegedly found with their hands tied and stripped of their clothes, spokeswoman Ravina Shamdasani said
A special banking system tailormade to meet the needs of Generation Z (Gen Z) audiences could come around very soon. Moreover, social media analytics could come to play in making credit decisions for borrowers, top FinTech and digital banking heads told audiences in Dubai on Wednesday.
Following the pandemic, both mainstream and neobanks have said they have begun creating processes that would create products specifically for the Gen Z public. Generation Z are the demographic cohort succeeding Millennials and are roughly 10-25 years old at the moment, and neobanks, sometimes referred to as ‘challenger banks,’ are fintech firms that offer apps, software and other technologies to streamline mobile and online banking.
Top leaders in the banking sector were speaking at the third edition of Khaleej Times DigiBank 2022 – the Banking Transformation Forum.
The one-day event, which took place on September 14, saw participation from some of the most influential figures in the banking and fintech industries.
Post-pandemic, the importance of using tech products in the banking sector has taken greater precedence than ever before. According to official statistics, Gen Z will make up approximately 31 per cent of the global population in 2021. Over 32 per cent of Gen Z transactions happen on a mobile device, and good company ratings and reviews inspire 62 per cent of Gen Z to feel confident to buy.
Given Gen Z customers’ influence, bankers must develop innovative solutions to appeal to the world’s most socially focused and technologically advanced generation.
Anand Krishnan, director – head of technology, Emirates Investment Bank, said, “Gen Z expect simplicity and agility. Their requirements simplify things for Baby Boomers and Millennials as well. Once you (banks) align with their value system, they would stay with the brand for a longer time than other age groups.”
Meanwhile, Eyad Al Qudsi, head of digital banking, United Arab Bank, “The Gen Z are 32 per cent of the entire population; and they are very close to technology. They are generating US$ 145 billion. We must see their engagement and how they interact with the market.”
He added. “We have to do some checks before banking with them, of course; however, the process needs to be simple. Most of them are influencers, and a poor interaction can reflect badly on bankers.”
Meanwhile, Neeraj Gupta, chief executive officer at Policybazaar.ae, “Regulations are evolving to cater to this consumer. We have to be ahead of communications instead of being reactive or proactive.”
To tackle these challenges, Gupta said there need to be synergies between different financial institutions. “We need to collaborate specifically on this generation,” explained Gupta.
Krishnan added, “There is a catch-up game between institutions and the Gen Z. Unfortunately, GenZ has come into a period of recession, wars, a pandemic, and a digital transformation. They have been on a constant journey trying to realign. However, this has made them much stronger.”
“There is a definite need for rapid upskilling; innovate to simplify things. They want a more concise form of market trends, and there is an increasing trend of investment products suited for GenZ as well,” he added.
Qudsi also stressed the need for personalising interactions with Gen Z customers. “When you personalise interaction with a GenZ customer or clients of any age group, it’s a key point to gain a long-time consumer. Fintech is bridging the gap between banks and GenZ. However, it cannot work along without banks,” he added.
ALSO READ:
Some were allegedly found with their hands tied and stripped of their clothes, spokeswoman Ravina Shamdasani said
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
Company showcases Hybrid Cloud Observability at GISEC 2024
Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
By understanding the tactics universities employ, students can strategically craft their applications strategy
Oil demand for road transport should peak around 2025
Some of America's most prestigious universities have been rocked by protests in recent weeks as students and other agitators take over quads
Eight teams will compete in this groundbreaking event and more than 10,000 spectators are expected to witness the inaugural edition