GenZs and the Future of Digital Banking: Behaviours, Preferences, and Marketing Implications for the Future of Digital Banking in Canada.

Abstract

In the aftermath of the Covid-19 epidemic, like most businesses, banking moved towards cashless payments to reduce physical interactions. While this presented a challenge to older customers, Generation Z have been brought up in a digital-first environment. This research examines the unique digital banking behaviours and preferences of Generation Z in Canada, focusing on individuals born between 1997 and 2001.

This research assesses how well digital banking services align with Generation Z's expectations and outlines critical areas for improvement. Recommendations emphasize enhancing mobile platforms, maintaining security trust, offering culturally responsive features, and leveraging personal recommendations. The research underscores the need for financial institutions to refine their strategies continuously to meet the evolving demands of this digitally adept generation, which is at the forefront of transforming digital finance.