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Insight of the Day: What Generation Z Wants From Their Bank

The article discusses the preferences and expectations of Generation Z individuals when it comes to banking services. Generation Z is described as the first digitally-native generation, having grown up with mobile phones and apps for most of their lives. The article highlights that by 2030, Gen Z will represent a significant portion of the workforce and their spending power is projected to increase substantially.

Key points from the article include:

1. Gen Z individuals are actively seeking personalized products and services from their banks that are easily accessible on their mobile devices.

2. Mobile-centric features such as opening accounts, paying bills, sending money, getting financial advice, applying for credit, investing, and saving money are considered essential rather than optional by Gen Z.

3. The article emphasizes that Gen Z individuals are more likely to switch banking relationships to access mobile-centric services. They are willing to change their primary bank more frequently compared to older generations.

4. The article highlights the importance of credit unions and traditional financial institutions adapting to the preferences of Gen Z, offering services like P2P payments, investing in crypto, and providing personalized debit cards and apps that cater to their needs.

5. It is noted that despite the high priority placed on serving Gen Z by financial institutions, there are innovation gaps in meeting their mobile-centric demands, such as offering BNPL products, instant issue cards, and personalized banking solutions.

6. The article suggests that banks and credit unions have an opportunity to deliver personalized digital experiences to Gen Z individuals, combining trust, safety, and security in their services.

7. The shift to digital and modern ways of engaging with younger consumers spans generational lines, with the smartphone playing a key role as a financial services equalizer.

Overall, the article emphasizes the importance of financial institutions meeting the digital and mobile-centric needs of Generation Z, as their preferences and expectations will shape the future of banking services.

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