As bank CEOs describe their outlook for 2023, one word keeps coming up: uncertainty. Uncertainty about rates. Uncertainty about lending. Uncertainty about regulators, the global economy, and the financial health of consumers. But two things are certain: First, consumers will always demand more. Second, they will take their business to the providers that deliver on those expectations.
Gen Z is the new customer—and their business must be won today. In 2023, there will be more adult Gen Zers than adolescents for the first time—about half the size of the millennial population. This digitally native generation relies heavily on digital for their finances, and that won’t change. Players across the banking sphere must act now to grab adult Gen Zers’ business, while also trying to win over younger consumers and lay the groundwork for upselling them in the future.
Providers will start reshaping the customer journey to match Gen Z’s preferences by:
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