Redefining banks with mobile apps: acquiring and retaining Gen Z – Sandstone/IBS Intelligence Whitepaper

By Puja Sharma

December 20, 2023

Consumer Banking
Consumer Financial Services
Digital Banking

Are you ready to revolutionize your understanding of Gen Z and reshape your bank’s future?

Sydney-based financial solutions provider Sand stone Technology has released a whitepaper in collaboration with FinTech research and advisory firm IBS Intelligence.

Unlock the Future of Banking!

Dive into the game-changing whitepaper by Sandstone Technology and IBS Intelligence: Acquiring and Retaining Gen Z in Banking via a Mobile App. Discover the secrets to captivating the next generation and stay ahead in the ever-evolving world of mobile banking. Don’t just read the future—shape it!

📚 Acquiring and Retaining Gen Z in Banking via a Mobile App

Strategic Insights: Learn actionable strategies to attract and retain Gen Z customers.
Innovative Solutions: Explore cutting-edge technologies and features that captivate the mobile-savvy Gen Z audience.

The whitepaper delves into the characteristics and expectations of the younger generation and the trends surrounding mobile banking apps. It aims to examine and propose solutions for banks and building societies to adopt Mobile Banking Apps to acquire and retain young customers.

As per CedarIBSi Research, 50% of Gen Z will switch banks for a better customer experience. Gen Z seeks a mobile banking experience that is simplified and cost-effective, offering digital flexibility and automation to streamline the management of their finances.

Gen Z’s ability to manage their finances has been revolutionized by mobile banking apps, and Sandstone’s app will provide unmatched accessibility and ease. The market for mobile banking apps will change significantly in the future as technology develops at a rapid rate. With Sandstone’s mobile app, the future of mobile banking will provide intriguing possibilities that will transform how we interact with our accounts, from improved security measures to AI-driven personalization.

As the influence of Gen Zs continues to grow in the global economy, they are becoming a crucial segment of the banking industry. This places them in the spotlight and highlights the need for mobile apps to acquire and retain these customers in the United Kingdom.

Currently, Generation Z make up 30% of the world’s population, and for the first time, there are more adults in this generation than teenagers. They are managing their finances, and this digitally native demographic has expectations of what banking should be.

The financial services industry has found itself at a crossroads where generational expectations and digital innovation are entwined, and to stay relevant, organizations need to make sure they embrace and adapt to these changes. One of the critical ways financial organizations can appeal to the Gen Z demographic is by leveraging the devices they use daily and having a mobile app, giving customers banking at their fingertips.

This Sandstone/IBS Intelligence whitepaper covers:

An overview of Gen Z’s impact on the financial landscape, their characteristics, and behaviours.
The expectations Gen Z’s have when it comes to digital banking.
Why having a mobile banking app is essential to acquire the younger generations.
9 current trends in mobile banking

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