Sandstone and IBS Intelligence issue whitepaper on ‘Acquiring & Retaining Gen Z in Banking’

By Gloria Methri

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

The whitepaper, Acquiring and Retaining Gen Z in Banking via a Mobile App, 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 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. Therefore, they are managing their finances, and this digitally native demographic comes with its 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, organisations need to make sure they embrace and adapt to these changes.

One of the critical ways financial organisations can appeal to the Gen Z demographic is by utilising the devices they use daily and having a mobile app, giving customers banking at their fingertips.

This Sandstone + IBS Intelligence whitepaper covers:

• 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

Operational for the past 25 years, Sandstone Technology has been innovating and evolving financial solutions for some of Australia’s and the world’s largest banks and financial institutions. From digital banking and onboarding to loan origination and AI-based data analysis, its scalable end-to-end multi-channel solutions help customers get to market faster.