As digital banking takes precedence over traditional brick-and-mortar services, it is important for financial institutions to prepare for the wave of digital natives entering the market known as GenZ. GenZ consumers have grown up in an entirely digital world and expect digital banking to be secure, fast, and convenient. To meet this need, financial institutions must modernize their digital transaction capabilities and offer a personal user experience that prioritizes convenience and security. Offering digital features such as digital account opening, secure digital payment options, instant account access, and 24/7 customer service, among others, can help financial institutions stay competitive with new generations.

What Instant Gratification Means for Financial Institutions

GenZ has grown up accustomed to not needing to wait to complete transactions. They have experienced an era where access to digital purchases and products is painless, instant, and happens at the click of a button. That means they will be less than thrilled to need to head to a branch or even have to download an app to open a bank account. Businesses are encouraged to focus on four experience components to attract and retain Gen Z consumers. Experiences should be instant, intuitive, convenient, and mobile. Something as simple as downloading an app is trust that needs to be earned prior to taking that sort of real estate in their devices.

The GenZ generation’s comfort with technology and need for instant gratification has caused many traditional financial models to become antiquated. To successfully cater to GenZ, financial institutions must adopt digital banking solutions that meet their demands. Current digital banking options should include digital onboarding, immediate feedback, comprehensive chat support options, a mobile-friendly app, and digital customer identification processes to ensure that they can receive financial services quickly and securely. By leveraging digital banking solutions, financial institutions can easily accommodate these digital natives’ needs for immediate access to their finances.

What Are GenZs Looking for in a Financial Institution?

GenZ users tend to look toward trusted brands to help them start their financial journey. These types of users generally prefer to bank with one institution and prefer digital or mobile interactions to in-person ones. GenZ users usually have fintech accounts, sometimes even as their primary bank. Offering a great digital account opening option is highly attractive to GenZ users, especially if it offers a seamless experience. Digital banking that keeps users from having to take extra steps to join the institution, upload documents, or manage accounts is a great way to attract new customers of this demographic.

Why is digital onboarding important to GenZ?
Within the next ten years, GenZ and Millennials, known as digital natives, are expected to account for over 58% of the workforce – this means they are on the way to becoming the primary customer base of financial institutions. Digital onboarding provides comprehensive digital authentication methods that enable prospective customers to set up digital accounts without delay and easily track their assets with one click of a button. This enables GenZs to access the financial services they need no matter where they are located, providing them with a level of convenience not found in traditional banking experiences.

GenZ users are digital natives and therefore look for primarily digital banking solutions to meet their financial needs. They value ease of use, good customer service, and transparency. Financial institutions need to prioritize digital banking options that appeal to this particular demographic. These users look for real-time feedback on their money management progress and digital communication that is modern and fuss-free. Digital account opening, mobile access, and technology solutions that create an efficient and positive banking experience are very important to GenZ users. They also tend to prize community-building initiatives supported by the bank more so than traditional banking products and services. Financial institutions must recognize these attributes in order to truly engage the GenZ customer base and meet their financial needs.

Key Takeaways:

• GenZ consumers have grown up in an entirely digital world and expect digital banking to be secure, fast, and convenient.
• Offering digital features such as digital account opening, secure digital payment options, instant account access, and 24/7 customer service, among others, can help financial institutions stay competitive with GenZ.
• GenZ users tend to look toward trusted brands to help them start their financial journey.
• Current digital banking options should include digital onboarding, immediate feedback, and digital customer identification processes to ensure that they are able to receive financial services quickly and securely.
• Digital onboarding provides comprehensive digital authentication methods that enable prospective customers to set up digital accounts without delay and easily track their assets with one click of a button.

Digital Bank Account Opening Solutions

IgniteConnex is a digital banking solution that’s both secure and user-friendly. Our intuitive solutions are designed by bankers with decades of experience, making them well-suited for institutions that want to digitalize their account opening process and appeal to digitally savvy users. By streamlining the new customer onboarding process, we can help financial institutions jumpstart their digital transformation journey and enhance the core customer experiences. Schedule a Demo to learn more!