In 2021, Gen Z represents almost one third (32%) of the global population. Across the World, Fintech’s and Neo banks target the 'zoomers' as their main target customer base but, with consumer trends changing rapidly, can they continue to attract Gen Z customers by offering a simple banking product?
From experience, many fintechs have utilised personalisation and gimmicks within their financial platform as a way to attract Gen Z’s to finance. The look and feel of apps or websites have improved dramatically over the years, Neo Banks have forced the hand of the established by improving the customer journey whilst acting as a shop window for the banks now based solely online.
However, the look and feel of the platforms are not the only attraction for customers.
As a 21-year-old working in the Fintech industry, my experience will differ from most. I see the advertisement within the sector from both a customer and as part of my day-to-day job in the Marketing Intelligence and Strategy team at allpay.
When thinking about my own experience of interacting with fintechs and Neo banks I was unintentionally drawn to the opportunity of understanding and exploring my finances. The opportunity to budget, save and spend with clarity, sure we all have the occasional night out and treat day, but being able to understand the impact on your finances long before these occur meant that I felt in control.
The issue for me before was a lack of understanding. I was paid, but how did I end up with pennies rather than pounds at the end of each month? How could I get into a position to afford the things I desired, a holiday, a new car, a house even?
My journey to now has been all about understanding my finances and learning from using the tools that have become available to me, something I feel many others in my age group could benefit from.
The real attraction for me is proper professional financial education and no gimmicks.
While many like me have high expectations of what a fintech should offer, the emphasis is on the sector to promote a sense of professionalism and skill, along with financial security and stability to a customer base whose ‘long-term’ loyalty is up for grabs.
The gimmicks may have their place, encouraging time on a platform, resulting in a better understanding of their finances without even thinking about it. This education is provided alongside new and exciting functionality encouraging saving and budgeting. These aspects combined can only encourage others in my position to sit up and take note.
Investigating and understanding their finances leading them to develop their financial knowledge and make better decisions.
No one likes the unknown, people usually run the other way. However, when you understand your finances and options, that unknown and worry disappear, and a real sense of attraction begins.
