FITC has launched Millennial and Gen Z Banking Survey Report to boost innovative product development in the banking industry.
FITC is an innovation-led and technology-driven knowledge institution.
The report, which was launched in Lagos at the weekend, 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.
Speaking on 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.
FITC, she said, is committed to equipping and supporting the financial services sector and indeed, players and stakeholders across all sectors of the Nigerian economy with the requisite skills and knowledge to succeed, adding that, one of several ways by which it accomplishes this, was through research-backed insights and accurate data, to aid sound decision making.
Speaking further, Malize noted that the Millennials and Gen Zs are the most digitally savvy market segment within the financial services sector.
“They are quick to adopt new platforms and technology. With the advent of Fintech, in Nigeria, the competition for this market has become even tougher. Financial institutions must therefore respond proactively to the changes in the market with accurate data and guidance contained in this report.
“In order to earn the loyalty of Millennial and Gen Z customers, financial service brands must think outside the box. They must develop research driven strategies for approaching Millennial and Gen Z customers, with a thorough understanding of who they are, what they want and how to make the customer journey as appealing to them as possible,” she pointed out.
To help capture and retain this demography, she said, organisations require insights and deep knowledge as they develop the most innovative strategies for building long-term loyalty within the segment, stressing that, FITC brought the industry, cutting-edge research and insights required for winning the minds and wallets of this important demography.
FITC is a world-class innovation-led knowledge and professional services firm providing innovative Learning, Advisory and Research Services to clients in the financial services and other sectors, within and outside Nigeria.
