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Speaking Gen Z: How banks can attract young customers

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Speaking Gen Z: How banks can attract young customers

World Economic Forum,

5 min read
3 take-aways
Audio & text

What's inside?

Gen Z has a growing appetite for financial services, and banks, fintechs and others are competing for it.

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Editorial Rating

8

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  • Overview
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Recommendation

Generation Z – those born between 1997 and 2012  – is a burgeoning cohort of young consumers disrupting the financial services industry. Though this group relies on digital offerings, a good portion of Gen Z believes brick-and-mortar banks offer a sense of security. Bob Wigley, chair of UK Finance for the World Economic Forum, and Rupal Kantaria, partner at Oliver Wyman, delve into the gen Z mindset – their spending, saving and investing habits – and explain how financial services companies should strategically approach this population. Investors and banking executives will find valuable intelligence in this informative report.

Summary

Generation Z’s rising financial stature has implications for conventional banking. 

Generation Z is the next prominent demographic that will profoundly affect the economy. The traditional financial services sector is playing catch-up to the growing monetary influence of this group. Gen Z depends heavily on digital services, and their finances rely on fintech offerings. Some 72% of gen Z use a “neobank” through which to conduct transactions and plan their finances. To garner market share, the conventional banking sector must embrace technology solutions through a digital lens, because banks face ...

About the Authors

Bob Wigley is chair of UK Finance for the World Economic Forum. Rupal Kantaria is a partner at Oliver Wyman and a World Economic Forum member.

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