Digital Banking? Gen Z shows the way…

In an era dominated by technology, tech-native teenagers and GenZers are leading the way in revolutionary change and redefining the future for themselves in every aspect of their lives. They see the world as one of the limitless opportunities for those who are bold enough to challenge norms and are ready to set their own path to success. They have embraced technology at its finest, enjoying all its conveniences and wonder.

Even in the banking sphere, gone are the days when parents handled the bank accounts of their teenage children. Today, these teenagers have more opportunities than their predecessors to take control of their financial lives. They grew up with instantaneous digital access to any service they required. This has caused a shift in the paradigm, causing major financial institutions such as Banks to evolve with the emerging technology, and embrace the future of banking in order to facilitate these requirements. This has encouraged banks such as NDB to create tailor-made digital youth accounts targeted specifically to ease the banking experience for this generation. Such accounts offer a number of attractive benefits such as:

Video KYC Account Opening Facilities

Unlike previous generations, visiting a branch to open an account and track one’s savings habits via a small savings book is not an option for Gen Zers. Instead, Banks such as NDB who stay true to their brand promise “The Future is Banking On Us” have introduced NDB Zee – a digital youth account which provides interested parties to open an account through the video Know-Your-Customer (VKYC) process from wherever they are, without ever having to visit a branch.

Easy-to-use Mobile Banking and Online Banking Facilities

From a very young age, Gen Zers possess the technical and digital know-how that is lacking in many Boomers and even a few millennials. They are also busier than their predecessors especially since there is more stimulation in their surroundings at present. Accordingly, this particular generation prefers to complete all their daily activities through one device – mainly the mobile phone. Many traditional banks found it difficult to keep up with this “always-on” generation. However, some Banks introduced Mobile Banking applications and Online Banking facilities. For example, NDB Bank introduced their award-winning Mobile Banking app: NDB NEOS – which recently exceeded Rs. 100 billion worth of transactions during the first few months of 2022. This app allows Gen Zers always to have their banking at their fingertips, having the ability to check their balances, on/off their credit cards and a number of other conveniences.

Attractive Offers

Yet another attraction that holds the attention of the Gen Z crowd is attractive offers in the form of discounted offers. For instance, with NDB Zee, all account holders will also be eligible for special card offers, discount offers from mobile providers, gym memberships, e-commerce offers and a number of other possibilities suited to them.

Account-holders can also receive non-financial benefits such as advisory services in relation to higher education options, career progression and business start-up and growth. They will also be able to enjoy the premier digital banking experience, NDB NEOS, along with their Zee account. NDB Zee will be with its client in the crucial years as they enter adulthood right until they are established with a steady foundation.

Always-On, Everywhere

As with other products and services in their lives, Gen Zers expect 24/7 banking as a standard. This online generation abhors waiting in lines and instead wants to be able to communicate with their bank from wherever they are. Accounts such as NDB Zee provide this generation with their much-needed methods of communication as well as excellent service to their fingertips.