Following The Drum’s Deep Dive into the impact that buy now, pay later brands are having on the finance industry, Vorx examines how consumer expectations of banking brands are changing.
To date, much of the digital progress made by large banks or financial services companies has focused on creating online versions of their brick-and-mortar services –
in other words, they’ve put traditional banking on to digital screens.
Progress yes, but arguably not transformation.
Our needs as consumers of financial services are changing, spearheaded by the changing buying and service behaviors of gen Z. And so many providers are simply not delivering adequate immersive experiences that offer a two-way value exchange. No one is going to expect a business to not make a sustainable profit, but in return businesses must give the customer something of value. Increasingly in financial services that’s an experience that works for how they live their lives. As a result, gen Z are flocking to neobanks and new ways to manage personal finance.
The winners will be those that make financial services an integral part of young people’s lives; on social media, in gaming – those things are part of growing up. They’ll unlock the role that their organisation plays in the culture of a generation – one of empowerment. We are in the era of empowerment, and to succeed financial services companies need to empower young people in all aspects of their lives.
Read the full article via The Drum here.