Gen Z or Zoomers are the set of customers that many industry experts and businesses are focusing on since they are often “most educated”, “empathetic”, and “politically aware”. In fact, they want businesses to modify and upgrade the way they work and utilize technology to be more agile and connected. The ‘digital natives’ bring to the table a brand-new mindset and customer behavior for retail and corporate banks to look into. As an attempt to meet the needs of this set of customers, like many other industries, the banking industry is introducing more convenient and better services through digital transformation in banking.
Digital Transformation in Banking
Moving from traditional methods of banking to online banking, banks and financial institutions are continuously evolving to more digital mediums to achieve seamless and secure customer onboarding to make the younger generation their lifelong customers. These are a few of the expectations of Gen Z customers when it comes to faster customer onboarding and digital experiences.
Enhanced Digital Banking
Your customers are just a click or call away from engaging themselves with your competitors if you are going to make the banking process complicated further. For people like them who want things done in no time, traditional and conventional ways of banking are clearly not going to make them happy or make them your long-term customers. Instead, they are looking for apps and sites that will ease their banking tasks simpler, faster, and more secured. Your apps/sites must be good and quick enough to serve them seamlessly and resolve issues then and there for better customer retention. By providing a personalized experience to the customer, using machine learning tools and techniques to know their preferences, you can not only make a good impression but save a lot of their time and effort. Therefore, it is best to invest more in your core banking operations to serve the younger generation better.
Evolution of Digital Banking
What caused this evolution is the rapid change in customer expectations and the competitive business environment. Earlier, banking was more difficult and time-consuming before the advent of apps like Google Pay, Paytm, and the ones offered by respective banks to their customers. Now, mobile banking like money transactions or getting a credit card is just done in a trice. Thus, the dawn of digital banking. With digital banking, the customers are given the easier option to perform their banking tasks through online and mobile banking whenever they want from anywhere.
Seamless Customer Onboarding
Digital banks are making this possible by involving data capture systems to complete the required forms automatically using the details the customers had shared earlier. Few banks go to the extent of utilizing third-party digital payment partners like Google Pay, Paytm, and PayPal. This includes faster customer onboarding which is more or less like opening an Instagram or Facebook account. Within few minutes, the customer is all set to use their bank account which is why most of the Gen Z customers use digital wallets and digital payments methods.
Track Credit/Debit Card
Another important feature or service that the younger generation or Gen Z expects from digital banking is the ability to constantly monitor their credit/debit card information. Being able to check credit card details like due dates, transactions, account balance in the app/site without having to go to the physical bank or an ATM will not only impress your existing customers but also attract more new ones.
Yet another important feature that the Gen Z users along with other customers expect to improve is the security and privacy of their data. Since everything is digitalized and done online, your customer would want to perform their banking tasks in a highly secured yet accessible (for users) environment for which banks and other fintech should ensure that these banking platforms are fool proof through rigorous and continuous testing of apps and sites. Precisely, your customers should be confident enough to use your apps/sites to transact a large sum of money online without doubt or regret.
Easy Payment Methods
Online shopping has never been this frequent or relied upon, especially since the global pandemic. This means that most of the payments are done online and banks have to handle this sudden spike of online and mobile shopping and the increased user expectations that come with it. The speed of change is the key for banks to cope with this unexpected situation and meet the needs of the stay-at-home society. This pandemic has given banks and fintech a huge opportunity to enhance their banking operations that will result in faster and banking tasks since their customers are predominantly depending on these organizations.
To sum up, banks and fintech need to act swiftly to build on their digital banking experience for their users and prospects to make them lifelong customers.
Aspire as a Trusted Partner
As a pioneer in the market for decades now, Aspire realises the need of the hour for its customer and aims to cater to their requirements. When the largest Egyptian bank approached us to help them with digital transformation in retail and corporate banking to engage the Gen Y and Gen Z set of customers, our team of experts pitched in and offered all the development and testing support. Our approach to carry out digital transformation using Temenos Infinity improved and integrated their corporate and retail banking operations along with tightened security, enhanced back-office application, credit card systems for better customer satisfaction within just 6 months.
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