It’s official—Gen Z is rewriting the rules of engagement, and banks must choose between adapting or becoming obsolete. The youngest generation of earners and spenders is shaping how we all interact with money, and they’re not here for clunky websites or slow customer service.
If your digital presence isn’t smooth, intuitive, and fast, Gen Z will find someone else’s that is. Banking has moved beyond its brick-and-mortar roots, embracing the efficiency of technology.
Industry innovators such as Monzo are leading this shift, paving the way for other companies to rethink how they address the demand for fast, clear, and available services.
This article discusses the role of UI/UX in delighting Gen Z consumers and will help inform your efforts to accelerate your digital banking efforts.
A New Generation of Consumers
Gen Z is changing the game, and they expect more. Banks must adapt—starting with how they present themselves online. Your digital presence, brand, and messaging need to speak directly to this tech-savvy, experience-driven audience.
Up, an Australian digital bank, understands this imperative and has created a brand that resonates with its young audiences. It stepped onto the digital banking scene in 2018 and is tailored for a generation that values simplicity and transparency.
With a clean, user-friendly design, the app lets users track spending effortlessly, save with ease, and understand their financial habits without a headache. This focus on a mobile-first experience has made Up a go-to for those seeking a straightforward, modern banking solution that fits their lifestyle.
Modern Workers Appreciate Relevance
Misunderstanding this could be a costly error for businesses. Gen Z currently makes up about 15% of the UK workforce, and that number is only going to grow.
As more of them reach working age and enter their prime earning years, their influence on spending and investing will rise significantly. That’s why many forward-thinking institutions are honing their unique perspectives and preferences to improve their bottom line. As this generation gains more financial power, paying attention to their needs becomes essential.
For Gen Z, a seamless digital journey is non-negotiable. They expect financial institutions to offer user-friendly mobile apps, instant access to account information, and quick, efficient customer service. Any friction will push Gen Z customers away.
Slow apps, confusing navigation, and a lack of mobile-friendly features can be deal-breakers. To meet these expectations, banks must invest in technology that drives user delight and simplifies financial management.
Building Modern, Digital, and Personalized Experiences
PYMNTS notes that the move to digital engagement transforms how we interact with both people and businesses—and crosses generational lines. This affects how everyone connects in today’s world. For Gen Z, using their phones for financial tasks is essential. They expect to open accounts, pay bills, send money, get financial advice, apply for credit, and invest, all from their devices.
The expectations are clear: Financial products and services must be available on their phones, on-demand, and without the need to navigate between multiple apps and screens. That’s why your innovative peers are focusing on building personalized, relevant financial capabilities that address Gen Z’s modern needs.
Go (and Stay) Mobile
Gregory Magana (Digital Banking Analyst at Javelin Strategy & Research) revealed in his latest report—Gen Z: Building Mobile Banking for a Generation in Transition—that this generation wants to manage all their banking through mobile devices (checking balances and planning finances).
In addition, Magana points out that Gen Z sticks with their bank mainly because of the mobile banking platform. Improving the mobile aspect can greatly boost customer satisfaction for these young users.
Speed
Even if people know their bank or credit union shows a full view of their finances, they want things to be quick.
Consider the following statistics from The Financial Brand:
When adding an outside account to the app, 49% expect to do it in one minute or less
53% of Gen Zers want it to take under 30 seconds
And 15% think it should be done in under 10 seconds
Among Baby Boomers, 32% expect to finish this task in less than 30 seconds, while 8% want it done in under 10 seconds.
Easy Navigation
This principle focuses on easy navigation, clear information, and a good search system.
An app should be simple to use and navigate. For example, if your app is meant to help manage payments but is hard to understand, it misses the point. Even small problems (such as not having a back button or a confusing sign-up process) can make the app much harder to use.
You can achieve this by keeping the interface simple and tidy, being consistent on all screens, organizing items clearly, and doing careful user research.
Quick and Efficient Support
Today’s banks must focus on reducing wait times, giving knowledgeable answers, and solving problems quickly to appease younger audiences.
Good customer support makes members happier and keeps them coming back because their issues are handled quickly and well, which builds trust. Offering two-way texting support can provide members with immediate and convenient help.
Building the Capabilities
We understand that delivering these capabilities is a challenging feat, and more often than not, your innovative peers go beyond their in-house teams to accelerate innovation. That’s why partnering with experts who can provide the necessary tools and insights remains essential for excellence.
By collaborating with skilled developers, you can enhance your app’s functionality and speed up the process of meeting customer needs, ensuring your bank stays ahead in a competitive landscape.
Pragmatic Coders helps financial institutions build cutting-edge banking apps and simplify account management for all customers.
Conclusion
As we enter this new era of banking, it’s clear that getting to know Gen Z is crucial. This generation is changing the financial scene, expecting a shift that goes beyond a basic digital approach.
Banks that focus on easy-to-use apps, fast customer support, and smooth experiences will stand out in this evolution.
By welcoming change and teaming up with experts, you can truly connect with Gen Z. Their influence is on the rise, and meeting their needs will be key for long-term achievement.
The future of banking looks promising for those who are willing to adapt and lead in this fast-changing digital world. Now is the time to not only keep up, but also drive innovation that will shape banking for years to come.
