Banking Transformed with Jim Marous Engaging Gen Z - Crafting a New Era of Digital Banking
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Sep 19, 2023 Brendan Coughlin, Vice Chairman and Head of Consumer Banking at Citizens, discusses engaging Gen Z in the banking industry. Topics include meeting the demands of Gen Z, transforming banking with digitalization and human connection, aligning with Gen Z's values, understanding their needs, and adopting a test and learn mindset in the digital banking industry.
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Gen Z Redefines Banking Value
- Gen Z has pushed banks into digital transformation altering the value banks must provide beyond simple convenience.
- Banks must differentiate by creating unique value since traditional convenience is no longer a competitive advantage.
Demand for Financial Empowerment
- Gen Z expects banks to offer ongoing financial advice and support, enhancing their financial confidence and empowerment.
- Digital tools should go beyond self-service to deliver insights and real-time assistance at customers' fingertips.
Banks vs Fintech Integration Edge
- Fintechs excel at disrupting individual financial services but can't integrate clients' entire financial lives seamlessly like banks can.
- Banks that offer a comprehensive value proposition across products can better retain Gen Z customers.