Gen Z asks, Gen Z receives.
Who constitutes Gen Z?
According to McKinsey, an approximate definition of Gen Zers are those born from 1995 to 2010. They’re the first generation of true digital natives, a generation that does not know a world without the Internet.
They don’t know a world without Wi-Fi.
They don’t know a world without applications.
The world as they see it, is the world businesses cater to.
They’re pretty powerful.
According to Business Insider, Gen Z holds up to $143 billion in spending power, and that’s without taking the future into consideration.
Whichever payment provider gets their attention now secures a lucrative relationship with the generation of the future.
Businesses must rethink how they deliver value to the consumer, rebalance scale and mass production against personalization, and—more than ever—practice what they preach when they address marketing issues and work ethics (McKinsey).
Banks are catering to this Generation.
According to DataRails, this digital-native generation values authenticity, creativity, and shareability. To attract their loyalty, banks must offer products and services that appeal to their preferences.
It seems that they’re definitely trying, for example with the general push towards mobile banking.
While adoption of mobile wallets has been relatively slow with the general population, according to Business Insider over half of Gen Zers use digital wallets monthly, and over three-quarters use other digital payment apps or P2P apps.