How generations Y and Z are changing how banks operate

The rise of generations Y and Z (as known as millennials and homelanders respectively) is changing how banks operate and will operate in the future. Generation Y is currently changing the game:

  1. Banking including in everyday services, making purchasing easier
  2. Integrated approaches and real-time interactions
  3. Changing the focus from products to service
  4. Banking convenience measured by usefulness of applications
  5. Having “personal” relationships with banks, not just making transactions

While banks are addressing the needs of generation Y, generation Z is already starting to become active in banking, having influences of their own:

  1. New creative ways of engagement (e.g. pictures, games)
  2. Artificial intelligence to support customers
  3. Financial services provided through social networks
  4. Increased purchases via mobile devices
  5. Reimaged bank branches
  6. Increased financial service competition from big-name brands (e.g. Google, Amazon Apple)

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