What Gen Z Wants from Banking

There is a growing group of fintechs who have designed their products specifically for Gen Z, who are defined as someone born in 1996 or later; at a December conference, Julia Carreon, the Managing Director of Digital and Fiduciary Operations at Wells Fargo Wealth Management, put it starkly. “Over the next 10 years, the largest turnover of generations in sheer numbers will occur in our lifetime,” she said according to American Banker. “The silent generation will die. Boomers will exit the workforce. The much infantilized, forever-frozen-in-time millennials will turn 40, and we will witness the rise of Gen Z.”; according to surveys from Raddon Gen Z wants simplified account offerings, low and transparent fees, a robust mobile app and customer service that will readily solve their problems; financial education is another feature that Gen Z wants in an offering, in the form of educational video tutorials to become more financially literate; there is a shift going on in financial services and the pandemic has only helped to accelerate the move to digital for all generations. American Banker.

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