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  • Writer's pictureKelsie Papenhausen

Finotta Reveals Strategies for Gen Z Retention in New Whitepaper, “The Next Generation: Financial Futures Redefined”

New guide features powerful insights to help financial institutions win over Gen Z and supercharge customer experience across all generations

 

OVERLAND PARK, Kan., April 3, 2024 – Finotta, a provider of embedded fintech for digital banking, published its new whitepaper, “The Next Generation: Financial Futures Redefined.” This free resource serves as a comprehensive guide to help financial institutions cater to the requirements of Gen Z (those born between 1997 and 2007), earn their trust and loyalty, and improve banking practices for all customers.

 

Finotta’s latest guide explores the distinct characteristics that set this generation apart and offers strategic solutions for financial institutions to meet Gen Z’s unique needs. It also discusses Gen Z’s prioritization of financial wellness over personal wellness, indicating a significant market need for financial products and services that cater to financial health and literacy. Ultimately, digital transformation is a non-negotiable for engaging with this newest generation, but it must be combined with personalized guidance and financial education.

 

The guide also details the specific challenges faced by Gen Z.  For example, 46% of Gen Z live paycheck-to-paycheck and nearly half are unable to pay off debt. Meanwhile, 31% of them see a future with less reliance on traditional banking and a staggering 72% are drawn to neo-banks.

 

According to Finotta’s new guide, banks and credit unions are facing a significant challenge in adapting to the changing technological landscape, as younger generations, particularly Gen Z, become more influential in their banking preferences and behavior. In fact, this generation is projected to have a purchasing power of $33 trillion by 2030 and will make up 25% of the workforce. It is essential for financial institutions to attract and retain these individuals.

 

Looking ahead, financial institutions must focus on Gen Z's digital-first mentality and financial well-being to create an appealing banking environment. This can attract and establish long-term loyalty among this crucial generation while also positioning financial institutions for growth and long-term stability.

 

To access the full whitepaper, visit Finotta’s website to download a free copy.

 

About Finotta

Finotta helps banks and credit unions personalize their mobile banking experience. Built by bankers, Finotta’s Personified platform is designed to assist in key financial goals like starting an emergency fund, paying off debt, or wealth building, providing timely, impactful suggestions and strategies to make your financial institution top of wallet and top of mind. For more information, visit www.finotta.com or follow us on LinkedIn.

 


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