The iGEN (16-25 year olds) are the financial consumers of the future; by understanding their attitudes, behaviors and pain points, banks (both challenger and traditional) have the best possible lens on where the sector is likely to head.
It’s time for a significant reimagining of everyday banking. This report provides invaluable pointers to anyone who dares take note of the challenges from consumers that are not just around the corner, but here and very real today.
The iGEN value experiences over possessions above all else. This means ownership is becoming increasingly less important. Access to all the things that make life easy and enjoyable is top of the list.
The iGEN don’t see their future banking solutions in terms of the technology involved, or use words like ‘fintech’ or ‘mobile wallets’. Their immediate need is not for futuristic fintech solutions or a bombastic blockchain revolution, but just for banking to work. They just want the experience to be much less stressful and evil than it currently is.
But traditional institutions radically underestimate 16-25 year-olds. In order to address the main pain points identified in the investigation -language barriers, lack of personalisation, distrust, technological limitations-, and to synthesise the consumer insights from our iGEN research, we have developed a simple strategic framework for the iGEN’s bank of the future. There are four tenets to the bank of the future framework; convenient, smart, transparent, and supportive.