FITC, the innovation-led and technology-driven knowledge institution, has launched a first of its kind Millennial and Gen Z Banking Survey Report.
The launch event themed “Tapping the Millennial & Gen-Z Markets: Redefining Opportunities for Financial Services Growth,” held in Lagos.
The publication aligns with FITC’s commitment to continuously provide cutting-edge knowledge solutions to the financial services sector and provides vital consumer data on a demographic that is fast becoming a significant consumer segment globally.
The publication was designed to provide crucial data on the Millennials and Gen Z market segment and support decision making by key stakeholders within the financial services sector. The launch event was well attended by all the major players and personalities in the Nigerian financial services sector.
Addressing the relevance of the report, the Managing Director/CEO, FITC, Chizor Malize, said the survey was conducted and published by the Insights and Policy Advocacy unit of the FITC.
She disclosed that the unit provides support to businesses through industry analysis, to enable them to strengthen their customer relationships and make better business decisions, driven by accurate data.
In addition to the Millennials and Gen-Z report, the Insights and Policy Advocacy unit consistently publishes reports that provide actionable insights to the financial services sector.
Malize described the publication as a vital tool for innovators and disruptors planning to design products and services for the Millennials and Gen Z demography.
“Millennials and Gen Zs are set to become the most important customer group for most banks, neo banks and the financial technology (FinTech) companies. Combined, they currently form the largest adult generation globally with the largest economic impact. Their wealth more than doubled to over $9 trillion since the pandemic began. They are over two billion strong with spending power in excess of $1 trillion. However, “banks” have largely left cutting-edge research on millennial banking habits out of the design processes for product design and marketing strategies development. Financial institutions can no longer afford to neglect this huge group’’ Malize said.
The Managing Director/CEO, Wema Bank, Ademola Adebise, delivered the keynote address. He was ably represented by the Chief Digital Officer, Mr. Segun Adeniyi. Adeniyi noted that of the interesting highlights in the report, is the discovery that millennials generally prefer digital platforms, while the Gen Z preference skews towards physical branches. According to him, this emphasizes the need for banks and financial institutions to create user-centered product experiences, tailored to the unique preferences of this market segment. Adeniyi attested that insights, driven by behavioral data such as this report, are necessary tools for designing new products, and improving existing ones within the financial services sector.
The Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairman, FITC Board, Mrs. Aishah Ahmad, who unveiled the report, said the financial services sector needs it for effective decision making on new product development.
“Recent changes in the business environment, and more particularly the banking industry across the globe, makes it imperative for periodic research to be conducted on emerging trends and developments. This provides data for better understanding of issues, as well as informed decision making for organizational success and business sustainability. The Millennials and Gen Z Survey Report is therefore very apt and highly commendable.” She stated.
Other panel speakers were: Chisom Okoro, International Operations Officer, Providus Bank; Lanre Oladimeji, Group Head, Retail Banking, Zenith Bank; Chuma Ezirim, Group Executive, eBusiness & Retail Products, First Bank; and Jumoke Olusoga, Chief Strategy Officer, Page International Financial Services Limited.
Olusoga stated the need for financial institutions to go beyond simply providing digital platforms for their millennial and Gen-Z customers. “Today, every bank has a digital platform, so the differentiating factor from one bank to the next, must be in the customer experience. Financial institutions must focus on providing value and a frictionless customer experience to their customers. They need to take note of their specific needs and respond accordingly.” She said.
Responding to questions from journalists, Executive Director United Bank of Nigeria (UBA), Chiugo Ndubisi, while commending FITC, noted that it has become imperative for Banks to tailor user-centered product experience for millennials, given their unique behaviors, needs and requirements.