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With technology moving forward faster and faster every day, digital banking is becoming the new main way we interact with our finances. And Gen Z is setting the pace. Born into a digital age, Gen Z demands more from their banking experience than ever before. Let's take a deep dive into the top 5 most used and demanded digital bank features and how is modern financial sector adapting to the needs of the new generation of users.
Hyper-Personalisation: The Art of Real-Time Tailoring
Gen Z is not just a generation. It's a digital native user base. Digital banking is not just a simple service, it’s a live platform that allows banks to create comprehensive ecosystems of life solutions. These ecosystems go beyond financial services, extending to a rich array of non-financial products and services intuitively tailored to Gen Z's real-time needs. Think of it as a financial and lifestyle fusion.
For this, predictive analytics is becoming a crucial tool for delivering personalised services and solutions to users. By identifying trends in spending, major life moments, and nuanced behavioral cues, banks can proactively provide value - often before customers know they need it. Studies show that customers today aren't looking for generic experiences, and banking is no exception. In fact, over 60% of them expect businesses to adjust to their evolving expectations and habits.
Perfect service tailoring is, of course, impossible without a robust, smart data backbone that providers like 91 can offer. To create an ever-changing bank app that sees the real-time journey of its user and continually adjusts to their needs, you need to know why Gen Z do what they do. You need information, analytics, and most importantly, you need data. Data is king.
Instant Payments and Notifications: The Need for Speed
Gen Z is all about speed, and they expect their banking to keep up. Instant payment solutions like Venmo and Zelle are their go-to tools for quick transactions, with digital wallets like Apple Pay, Google Pay, and PayPal following right after. It's not all about payment. Notifications need to be instant too.
Splitting bills, reimbursing friends, or making purchases - all of this happens in real-time. Waiting for transfers to clear is old news. Gen Z wants their money to move as fast as they do and banks are continuously finding new ways to integrate these options into their banking platforms as seamlessly as possible.
Instant notifications with correct data usage go hand in hand with that. While banks need to make payments as hassle-free as possible, they need smart data to make sure users know what they're paying in the first place. For that, categorisation is key. Imagine having instant notifications of your payments as soon as you make them, without the need to ever open up the bank app.
Personalised Financial Insights: Your Digital Money Mentor
Gen Z is hungry for financial knowledge and guidance. They don't just want to see their account balances; they want actionable insights. Apps like Mint and YNAB cater to these demands by offering budgeting tips, spending analysis, and personalised recommendations aligned with individual financial goals.
It's like having a financial advisor in their pocket, guiding them through the complex world of personal finance. For example, if a user regularly overspends on dining, a PFM tool should offer practical suggestions to reduce those expenses - or recommend products like cashback credit cards that align with their spending behavior.
But it all starts with a proper personal finance management tool that integrates into the banking platforms and makes all those bells and whistles possible in the first place. And that means having a platform like 91 to sort through data chaos and create clean, usable data that turns into actual advice.
Going Green: Is Your CO2 Footprint “in”?
As Gen Z embraces digital banking solutions, they're also seeking alignment with their values during everyday shopping. Gen Z, more than any other generation, places a high premium on the Environmental, Social, and Governance (ESG) framework.
For them, financial management is just the start. It's about contributing to a more sustainable and socially responsible world as well. ESG considerations are at the core of their banking choices, as they want their money to support businesses and initiatives that prioritise sustainability, social impact, and ethical governance.
With that in mind, using smart data to help people to better awareness is key to keep them coming back. And there are tools like Eco Track by 91 that help with just that. Some banks are already participating in the so-called "responsible banking", with bunq integrating real-time CO2 tracking into the app’s PFM tool, or Tomorrow investing deposits exclusively in sustainable industries.
Non-Financial Services: More Than Just Banking
Gen Z wants a holistic approach to banking. They expect their banking app to integrate with non-financial services like ride-sharing, food delivery, and online shopping. It's about simplifying their daily life.
Many banking institutions are integrating various non-financial sections into their digital platforms, connecting the world of finance with special offers like VIP treatment, online shopping cash back, or exclusive sales, bringing clients value and a reason to keep using their services.
Gen Z is steering the course of modern banking with its desire for a blend of convenience, speed, security, personalisation, and control. To meet their demands, financial institutions must stay agile and adaptive. Gen Z's influence is pushing banks and fintech companies to innovate, providing banking experiences that align seamlessly with their digital-first lifestyles.
