Trends

Expert insights: How banks and fintechs can use CX to attract Gen Z

For banks and fintechs to attract younger customers, they must understand what they want from CX and where they're looking for financial advice.

CX trends in banking have changed considerably over the last few years, accelerated by the pandemic. Customer service has become an increasingly important part of this market shift, so much so that financial institutions and digital banking challengers need to think strategically about their customer service function to stay competitive.


In fact, 97% of consumers surveyed say that quality of customer service is what matters most to them when choosing where to bank. If a bank or financial services provider wants to retain customers, grow their reputation, and in turn increase revenue, quality customer service must be a high priority.


This is especially true to win and retain Gen Z consumers, 54% of which will drop a brand after a single instance of poor customer service. For banks and fintechs to attract younger customers, they must understand what they want from CX and where they’re looking for financial advice.


To get the full insights from Sagar Rajgopal, President and Chief Customer Officer at Ubiquity, check out his recent article in Global Fintech Series.

What matters to Gen Z

54%

will abandon a brand after one bad customer experience

57%

seek financial advice on Instagram

60%

want to reach customer support through their mobile banking app

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