Revenue from GenZ in banking will triple until 2027 - How can traditional banks win over Gen Z? To ensure #GenZ doesn't become a lost generation, established banks must engage this crucial demographic now. Our latest BCG report highlights the significant growth opportunity GenZ represents for the banking sector. This digitally native, always-online generation is heavily influenced by social media and demands seamless user experiences, personalized services, and mobile-first solutions. Traditional banks risk missing out if they don't adapt quickly. They need to innovate their product and communication strategies to align with GenZ's preferences for freedom, personalized financial products, and sustainability. Now is the last chance for traditional banks to attract and retain these young customers, ensuring long-term growth and relevance in the evolving financial landscape. Gen Z willingness to switch banks currently is still 7 times higher compared to traditional clients - at a fraction of regular customer acquisition cost. For more insights, read the full report here: https://lnkd.in/d5XsQX5Y #BCG #FinancialServices #DigitalTransformation Achim Kaucic Holger Sachse Dr. Jasper Barth Holger Sachse Akin Soysal Marc Pöpsel-Schalück
Marc Pöpsel-Schalück’s Post
More Relevant Posts
-
As we navigate through the transformative waves in the banking sector, I’m reminded daily why we’re here at Country Bank: we’re Made to Make a Difference. Leading initiatives that push the boundaries of traditional banking allows us to not just keep pace with change, but also drive it—making a meaningful difference in our customers’ lives. Innovating at Country Bank has given me the privilege of leading projects that integrate cutting-edge technology with user-centric designs. From data-driven financial insights to seamless platform interfaces, we’re committed to enhancing every aspect of our customer experience. This journey is about more than just technological advancement; it’s about cultivating a culture of inclusion and innovation that shapes the future of finance. I’m proud to help lead these changes, demonstrating daily our commitment to making banking smarter, more accessible, and genuinely helpful. Here’s to the relentless pursuit of innovation and making a real difference in every customer’s financial journey! Ensuring they have the freedom to bank wherever, whenever, and however they choose. #BankingInnovation #FutureOfFinance #Leadership #CountryBank #MadeToMakeADifference
To view or add a comment, sign in
-
🚀 **Unlocking the Potential: How Banks Can Soar from Bottom to Sky** 🏦✨ Welcome to an interactive discussion on the future of banking! Join me on a journey as we explore strategies to propel banks from the bottom to the sky. 🔍 **Spotlight: Customer-Centric Approach** Let's kick off by discussing the importance of putting customers first. Share your thoughts on how banks can better understand and cater to customer needs in today's digital landscape. 💡 **Innovation Station: Embrace Digital Transformation** What innovative technologies do you believe will shape the future of banking? Let's brainstorm ideas and explore how banks can leverage digital transformation to enhance customer experiences and operational efficiency. 🌱 **Cultivate Innovation Culture** How can banks foster a culture of innovation within their organizations? Share your insights and best practices for encouraging creativity and driving positive change. 🤝 **Forge Strategic Partnerships** Collaboration is key to success! Let's discuss the potential benefits of strategic partnerships between banks, fintechs, and other industry players. What opportunities do you see for collaboration in the evolving financial landscape? 🎓 **Invest in Talent and Training** What skills do you think will be essential for banking professionals in the future? Let's explore ways banks can invest in talent development and provide opportunities for continuous learning. 🌍 **Promote Financial Inclusion** Financial inclusion is a global imperative. How can banks contribute to expanding access to banking services and promoting economic empowerment for underserved communities? Join the conversation and share your insights, experiences, and ideas for shaping the future of banking. Together, let's unlock the potential and propel banks to new heights of success! #Banking #DigitalTransformation #Innovation #CustomerCentricity #FinancialInclusion #futureoffinance #metrobank #bankingcareer
To view or add a comment, sign in
-
Excited to share my prediction on the rising trend in consumers switching their current accounts amidst the search for the perfect banking partner: • With current account switching up by 10%, it's clear that consumers are actively seeking financial institutions that meet their evolving needs and preferences. • This surge indicates a growing demand for personalized banking solutions that offer convenience, flexibility, and enhanced digital experiences. As the fintech landscape continues to evolve, we can expect to see: • Increased competition among banks to attract and retain customers through innovative services and tailored offerings. • A shift towards enhanced customer-centric approaches, driving banks to prioritize transparency, accessibility, and seamless account switching processes. To navigate this dynamic industry, it's crucial for banks to: • Embrace digital transformation to meet the changing needs of tech-savvy consumers. • Foster trust and loyalty by providing secure, user-friendly, and value-added financial services. Looking ahead, I anticipate further advancements in fintech and banking to meet the diverse demands of today's consumers. If you'd like to explore how these trends may impact your financial strategy, feel free to contact me at +17625005002 or connect with my telegram chatbot at t.me/Finsolgroupbot. #FintechEvolution #BankingInnovation #DigitalTransformation #ConsumerExperience #FinsolPredicts
To view or add a comment, sign in
-
📰 News: 📰 --- THE BIG SWITCH: WHY ARE U.S. CONSUMERS SWITCHING TO DIGITAL-ONLY BANKING? 💻🏦 The evolving demands of modern banking consumers are shaking up the U.S. banking landscape faster than a cat video goes viral! In a world where the average American sticks with their primary bank for 16.6 years, it’s eye-opening to see that --25% of households are contemplating a switch--. 🚀 But what’s driving this massive shift? Here’s what you need to know: - --28% of Gen Z and Millennials-- are eyeing digital-only banks over traditional ones. - Startups like Chime, Synchrony, and SoFi have captured --10% of new primary bank accounts-- in the last two years. - Advanced features like real-time alerts, personalized advice, and lower fees make digital-only banks a hot choice. Your take: Will traditional banks keep up or become the next Blockbuster? 🤔 Drop your thoughts in the comments and don't forget to follow Bernier Group for more insights! 💬 #Hospitality #Ecommerce #Retail #Commerce #Manufacturing #Logistics #Strategy #Innovation #Business #ArtificialIntelligence #AnniQ https://lnkd.in/eZaWfjcg
To view or add a comment, sign in
-
Winning Market Share in Consumer-Curated Financial Services: Insights from Galileo Financial Technologies’s 2024 Report Report Link: https://lnkd.in/g8dCKaah The Galileo Consumer Banking Report highlights the seismic shift in banking as consumers increasingly prefer digital-first solutions. Here are a few key takeaways: - Rapid Digital Adoption: Nearly half of all checking accounts opened in the #US In 2023 were with digital banks and #fintechs, emphasizing the growing preference for online banking. - Changing Consumer Preferences: With 61% of consumers likely to switch to digital-only providers, traditional banks must adapt to meet evolving needs or risk losing market share. - Customer Satisfaction vs. Engagement: While most clients report satisfaction with their primary financial institutions, many still seek services elsewhere, indicating a disconnect between satisfaction and loyalty. - Emphasis on Personalization: The report underscores the necessity for banks to leverage data to deliver personalized experiences and meet clients at their point of need. - Generational Insights: Different generations exhibit distinct banking behaviors, with #GenZ and Millennials increasingly utilizing a mix of traditional and #digitalbanks. As the #financial panorama evolves, this record serves as an essential manual for #banks and credit unions aiming to decorate patron engagement and hold market proportion. Thank you The Financial Brand David Jimenez Maireles Saleh ALhammad Arjun Vir Singh Sam Boboev Mehdi Sardaoui Prasanna Lohar #banking #fintech #digitaltransformation #customerexperience
To view or add a comment, sign in
-
What will the global banking landscape look like in 10 years’ time? And how will strategic partnerships help shape this future? That’s what TrueLayer CEO, Francesco Simoneschi, debated at Money20/20 in Amsterdam, along with fellow industry experts from Lloyds Banking Group, PwC and Mambu: 💔 Customers will change banks for a better experience, so the incumbents need to find ways to stay competitive 🤝 Strategic partnerships — which provide growth opportunities and improve the customer experience — are key 📈 3 in 4 banks are planning to add new partners in the next 12 months Watch the video👇 #Openbanking #banking #money2020
To view or add a comment, sign in
-
Good read by Michael Abbott about the benefits of having a physical presence to manage complex financial interactions (ex. onboarding, wealth management, etc.). It's really about how physical and digital are coming together in more unique ways to manage cost, growth, and risk.
Global Banking Lead at Accenture | Driver of innovation and growth | Founder and CEO, Softcard (acquired by Google)
17 years of near-zero interest rates has created a sea of sameness among banking apps, making banks functionally correct but emotionally devoid. Some are investing in more branches to provide one-on-one advice, cross-selling, and a sense of stability in uncertain economic times. Read more from my interview with the Financial Brand's Steve Cocheo here: #Accenture #Banking #Banks #Branches #bankingindustry
To view or add a comment, sign in
-
17 years of near-zero interest rates has created a sea of sameness among banking apps, making banks functionally correct but emotionally devoid. Some are investing in more branches to provide one-on-one advice, cross-selling, and a sense of stability in uncertain economic times. Read more from my interview with the Financial Brand's Steve Cocheo here: #Accenture #Banking #Banks #Branches #bankingindustry
Moves By Chase and PNC Re-ignite the Branch Versus Digital Debate
thefinancialbrand.com
To view or add a comment, sign in