Speed, Trust and an Omni-channel Experience
It’s time to move on. Generation Z (or ‘Gen Z’ for short) edged past Millennials in population numbers in 2019, and now comprise 32 percent of the global population of 7.9 billion¹.
Born between 1995 and 2015, Gen Z crazes new things. It is no surprise then that they are increasingly prioritizing experiences over material goods.
And with Gen Z likely to provide a third of global consumers by the end of the next decade, it’s these digital natives that banks are clamouring for – particularly with their estimated US$143 billion spending power².
In fact, having grown up in a digital landscape that includes 24-hour chatbots, omnichannel customer service, and instant money transfers via smartphone apps, they know what they want – a fast, seamless, and hassle-free banking experience.
Living through a smartphone
Gen Z do not simply just use smartphones, they live their lives through them! They are always switched on and consume content like there is no tomorrow – according to Ypulse 64% of 18-35 year-olds subscribe to a streaming service. To them traditional banks are too slow and a total pain to deal with.
With limited attention spans and a constant feeling of missing out, Gen Zers also shift their attention between different gadgets like laptops, smartphones, and tablets at the drop of a hat. Banks need to cater for them with omni-channel solutions.
Above all – banks cannot attract Gen Zers without giving them the power to control their own finances. From offering a purely digital banking experience to the option to use virtual money, they must create a smooth experience which integrates well with the Gen Z lifestyle.
Lack of trust = danger
It’s bad. Having lived through the financial crisis of 2008, Gen Zers have a particular distrust of traditional banking institutions.
They expect honesty and transparency, and don’t take kindly to hidden fees or other tactics banks use to increase their profits at the expense of customers. If they mismanage their money or abuse their data then its game over.
Traditional banks haven’t been quick enough to address these concerns. While some are going big time down the fintech route, many are sticking to business as usual with bad service and short hours. And that’s only going to lose them the Gen Z customer base!
This is where hi comes in. Leveraging blockchain technology, we are building the world’s first community powered digital bank that is interoperable across many chat messengers platforms.
Membership is open to all and we offer the most seamless experience allowing members to buy, exchange, and transfer money in real-time, with industry leading security, and no fees.
Best of all? There is no new mobile app to download to get started – perfect for Gen Zers who want access to their finances to be a seamless as the rest of their digital lives.