Today is of Gen Zers! Millennials have been surpassed in population numbers by Generation Z, born between 1995 and 2005, and now Gen Zers rule the world. In 2019, this generation accounted for 32% of the 7.9 billion population of the world.
Gen Z is known to be the kids of the digitalized world. They are crazy to try new things, chase opportunities, and make the most out of every minute they have. Hence, they require instant services, be it communication on social platforms or finances.
Technology has had an enormous impact on this generation. Gen Z intends to make their life as simple and convenient as they can. They need power over their possessions and Gen Zers like being confident and authoritative in decision-making.
The next decade will see Gen Z comprising one-third of global consumers with an estimated spending power of US$143 billion, which is huge!
This is a clear hint to all the financial institutions that need to catch up with the needs of Generation Z. They aren’t the kids of the age of newspaper, snail mail, or telegrams. Instead, they are dependent on instant money transfers, 24-hour chatbots, customer-friendly applications, etcetera. Hence, what exactly do they need?
They need financial services that are hassle-free, convenient, inclusive, and seamless. The digital kids need Omni-Channel services.
Smartphone and Generation Z: An Important Duo
Generation Z has their lives revolving around smartphones. They are on a continuous run to experience new things, discover interesting content, and innovate. Most of them even do so with the fear of missing out (FOMO). Nevertheless, they are the primary consumers of digital content, and there certainly is no competition with Gen Z in this matter.
Financial institutions should keep these in mind and strategize accordingly. Gen Zers hate the traditional banking system. For them, the process is a pain in the ass. They chase services that are instant, which accounts for their short attention span. It is nearly effortless for Gen Z to switch between gadgets, and hence financial institutions must think in lines of Omni-channel solutions to upgrade their services.
It is important for financial systems to captivate Gen Zers by giving them control over their finances. If not, they will lose their potential consumers because Gen Zers are looking for a complete digital banking experience with facilities like virtual money, virtual cards, or different digital products that will aid them with the process.
The Basic Value: Trust
Gen Zers have gone through the financial crises of 2008 and therefore have no confidence in conventional banking systems. Generation Z requires their banks and financial institutions to be utterly transparent and honest, unlike traditional banking systems that had hidden fees or other unprofessional practices taking place.
To fulfill the requirements of Generation Z, hi is the perfect solution. We leverage blockchain technology to give Gen Zers exceptional financial security. We aim to build the world’s first digital bank, and we invite Gen Zers to be a part of us!
Hi platform even provides you with multi-chat social messengers for instant communication. With no fees and mark-ups, we promise to layout an effective platform to transfer, safeguard and exchange money in real-time. Our membership is absolutely free of cost for anyone around the world, you need to download the application, and we are just a click away!
Head over to be a part of the hi community, where our utmost priority is financial inclusion and integration of Gen Z’s needs!
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