Understanding the challenge of Gen Z clients
Some say that banks not paying attention to the upcoming generation of clients are “flirting with irrelevance.” Why? Gen Z controls $45 billion in annual spending. The oldest in the group are nearing 24. And the way they approach financial services, including banking, is radically different from other generations of customers. For instance, text-only financial relationships. How then can banks pivot to learn and better serve this new client? What Gen Z trends will impact banking the most?