Generation Z: Service Transformation Compliments Digital Transformation; Banking Becomes Utilitarian

NeoBanks, FinTechs and Financial Institutions have an excellent opportunity to undo some mistakes of prior years and be proactive in their approach to the youngest cohort, Generation Z (16-24 years of age) that is now joining the workforce. Banking to address needs of Millennials and Generation X, still comes across as an afterthought; a paradigm shift in banking in the wake of advancement in technological landscape, rather than a change in banking due to altered tastes and preferences of the demographics.

Consequently, both, Millennials and Generation X have been only somewhat responsive to digital banking and overall reception and acceptance has dragged on, since at least 2009, if not even before.

However, as technology pervades just about every aspect of life and is increasingly being viewed as an extension of real life; youngest cohort, Generation Z, is offering important insights into their relationship with technology, their opinions on societal changes and most pressing economic and cultural aspects.

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