What Does Generation Z Want and Expect From Banking?

The period we are in is a historical turning point. For the first time, we are witnessing that individuals who have opened their eyes to the digital era are actively shaping the way the world works. Of course, the digitalization process creates revolutionary effects for all people and organisations. 

However, unlike the entities that shaped their reality in the analogue period and later adapted to the digital world, Generation Z shaped their habits and expectations completely depending on digital conditions. For this reason, while they are adapting to the world, the world is also adapting to them.

In many sectors, Generation Z is gradually expanding its share of customer volume. In the not too distant future, this generation will be the dominant generation of business life. Organisations that want to reach the potential of this audience spend a significant part of their efforts creating innovations that will meet the expectations of the new generation. This is why it is important to create the right interaction between banking and Generation Z.

In this article, we will talk about what the habits and expectations of Gen Z mean for the banking and finance sectors.

Who Are Gen Z ?

Generation Z is a name given to the population born between the late 1990s and early 2010s. The members of this generation, known for their habits and expectations shaped by the internet, are also known as digital natives. For this generation, who was born into a world where communication possibilities were almost unlimited, sociality is in a much more important and unique position compared to previous generations. That’s why they accept social media as their main socialisation tool.

They are generally known for their impatience, as a natural consequence of being a native of the digital world, where most operations are carried out within seconds. But being impatient isn’t always a negative thing. These characteristics make them more determined and courageous than ever. This generation also values ​​efficient operations rather than unnecessarily large amounts of effort.

What Does Gen Z Expect From Banks and Financial Institutions?

The banking and finance sectors are also areas whose roots are in the analogue world but have started to adapt to the digital world over time. That’s why the industry, in general, continues to maintain very traditional cultural norms. 

Of course, it should not be forgotten that the dominant part of bank customers is people from generations before Generation Z. However, considering that the members of this generation will shape the banking and finance world of the future, organisations that capitalise on the revolution early on may guarantee their long-term success in the sector.

Here are the key expectations of Generation Z from the banking industry:


Generation Z likes to use the advantages of digital devices to their limits. This shows that banks that will not follow digital banking trends are in danger of losing their positions in the industry, or even disappearing, in the near future. Banks that want to create a user base from this generation need to expand their product portfolio with innovations, such as Foreks Digital’s digital banking solutions, and offer their customers next-gen digital products and services, such as Mobile Wallet, Touchless Payment, and AI chatbots.


“The same banking experience for all” may have been an important promotional slogan in the past. However, what Gen Z finds attractive in a bank is a unique, customizable, and personal finance experience for everyone. Generation Z members want to see much more specific and personalised operation patterns, especially when making financial decisions. 

This expectation requires banks to both increase their customization potential and make accurate predictions about user expectations by utilising new technologies, such as open banking and machine learning. According to The Center for Generational Kinetics’s research on Gen Zers, 44% of respondents say they would not hesitate to provide their personal data for a more personalised experience.

Guidance and Financial Literacy

Self-education is an impulse that runs in the blood of the new generation. As a result of the culture of living with the Internet, Gen Zers find it very valuable to be informed quickly about the subjects that they do not know in detail. Therefore, banks should design all their products in such a way that users can quickly obtain information and learn in order to understand the operation they will perform. Edutainment has already become one of the most important mobile banking trends.

At the same time, they should produce visual and written financial information content to position themselves as an educational leader in the sector.

An Omnichannel Customer Experience

An adventure in which you have to take dozens of different paths for a single banking operation is quite overwhelming, especially for Generation Z. An example of the main complaints digital natives have about traditional banks is that they have to go to a bank branch or call a helpdesk member to do things that can’t be done through banking apps. This is a big problem for a generation that values functionality above all else.

The banking path to be designed according to the expectations of Generation Z should have a single entrance and a single exit. The key to achieving this is omnichannel banking solutions. The increasing number of banks building a next-gen banking experience with omnichannel banking solutions offered by Foreks shows us that those expectations are gaining vital importance in the banking field.

An Approach That Fits Their Energy

Members of Generation Z always create idiosyncratic terms and manipulate the language they use, because their socialisation patterns are very different from other generations. Of course, they also have unprecedented speed at triggering cultural changes. 

For this reason, their expectations of financial brands are to see interactions between financial products and their ever-changing cultures. So it is very important for banks that mostly use traditional and serious brand tones to adopt a new communication approach to create a bond between finance and Generation Z.

Next-Gen Banking Solutions to Reach Next-Gen People

A partner with an innovative FinTech mindset can help you meet the demands and expectations of the digital world and the digital native generation in a perpetually changing world of financial services.

ForInvest’s digital banking and omnichannel investment solutions can strengthen your sectoral position by acting as a bridge connecting you to the banking technology of the future.