Customer Centricity, Gen Z and the 'The B-Word'.
Gen Z's journey with?banks usually begins with their parents' bank, but that loyalty can be swayed once they graduate from college and venture out on their own financial journeys. As disruptive FinTech companies gain traction, traditional banks risk losing their younger customers to more agile and tech-savvy competitors. Who can sustainably meet the needs of the next generation?
This new report highlights that Gen Z is eager to learn more about banking, investing and wealth management, but wishes transparency and education. Education can be key to building trust, and financial service providers that develop self-guided education experiences in the short term will likely build loyalty in the longer term. While Gen Z is likely to start out with their parents' bank, it seems they can be swayed to change if they feel there is a better option available.
Consumers interact with financial services on a daily basis, whether it's making a purchase or managing finances. This is where the concept of customer-centric design comes in – the idea that businesses put the customer at the beginning of their decision-making process. In this context, how can financial services make it all about the customer? To delve into this topic, a group of industry experts shares their insights on what customer-centric design looks like in the financial industry, and the challenges and opportunities it presents.
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Blockchain technology has the potential to solve many problems across the financial space. It's not just valuable for digital currencies, according to this recent opinion piece: The article argues that the biggest value of distributed ledger technology lies in areas like identity and security. Blockchain-based security systems could help solve the issues that come with single point weaknesses and provide more efficient, secure and cost-effective financial services.
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