How Generation Z is Reshaping Banking

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Banking has come a long way from the traditional brick-and-mortar locations. Now,
you can set up and operate bank accounts without leaving your home. This has led
the way into new innovations in the financial technology space. People can send
money near instantly and companies have motivated people to begin the basics,
such as saving.
 
Now more than ever, eyes have shifted away from Millennials and moved to
Generation Z. These individuals are born between 1996-2010. This generation has
not known a world without technology and companies are looking to capitalize on
that.

Automation

A huge growth area is automation. This is prevalent in banking and investing. Many times, an individual will receive money, pay bills, and deposit into a savings accountwithout touching physical money. In banking, people have begun automating payments through bill pay and saving through automatic transfers.With automation, several financial institutions have incentivized people to begin automatic deposits. This can be in the form of a bonus payment or higher interest earned on your money.

Social

Next, Generation Z has not been around without social media. People born in the
90’s grew up with instant messaging, which seems ancient at this point.
Applications such as Venmo and CashApp put a social spin on banking, making it
more of a peer-to-peer interaction.
 
Also, companies are beginning to use social media as a form of accountability.
By publicly setting and obtaining goals, it can bring a more rewarding feel to being
financially well. Even better, financial institutions can run contests to incentivize
saving and depositing.

Efficient

Lastly, the newest generation entering adulthood have tried to make tasks efficient.
While it may seem lazy to some, it has given financial institutions time to adapt and
make their online presence competitive. When individuals build an app, they want
users to see their desired information with minimal clicking.
 
From the perspective of transacting, users want to send money quickly and simply.
QR codes and unique addresses have given people exactly this. With saving, a
simple click of a button to transfer money is all you need.
 
Generation Z has the influence to help shape and mold banking into a new machine.
Gone are the days of using checks and deposit slips, and here are the times of automation and interaction. With nearly everyone using a smartphone, if a bank
lacks an online presence, they will quickly fall to those innovating and adjusting.
 
As financial technology grows and expands, companies are beginning to utilize all these assets in building a useful and productive financial product.
Foxmoney.me is a new company that looks to combine gaming, social media, and rewards to the
banking experience.
 
For example:
  • Get rewards for achieving financial goals
  • Bring in social accountability
  • Having fun tracking your finances
This new technology can help you track spending, find ways to save, and better
prepare yourself for the financial future. Without financial technology and the power
Generation Z has, banking may very well have remained boring old banking.

Fox reinvents banking for the 21st century. Get rewards for saving, budget smartly and easily, and be encouraged with your progress.