4 Gen-Z Mobile Banking technology trends

Gen-Z can be rightly called the smartphone generation since they are used to handling one practically from birth. Their digital expectations are supreme, which stems from the fact that they have never known a world without mobile devices and mobile apps. Naturally, this truly mobile native generation explores mobile banking apps extensively and navigates the world through them.

Here is a detailed look into the future of banking technology from the point of view of Gen-Z and how they intend to interact with it. 

Chatbots
 

Gen-Z prefers texting over intrusive phone calls. Enter chatbots! Chatbots embedded inside mobile banking applications are conversational touchpoints that help deliver a positive customer experience. Banks will have to ramp up their technology to address customer queries and needs without resorting to phone calls. Mobile or digital chats will be the preferred route and a must-have mobile banking strategy for banks if they want to retain Gen-Z users.

Touchless transactions
 

There are various ways through which touchless transactions are performed today. For example, QR codes have changed the game for automation in mobile banking apps. QR, or ‘Quick Response’, is a barcode that can be read by a mobile app and stores useful information for further steps to be carried out. Gen-Z is used for QR codes, such as when they want to retrieve travel booking information or wish to complete an in-store payment by simply scanning the merchant’s QR code (which will redirect them to their bank’s payment page).

API
 

API stands for Application Programming Interface, the backbone of mobile app technology. It enables easy access to important data by extending an organization’s reach beyond its current limitations. API technology allows access to a customer’s proprietary data (with prior permission). There can be different use cases of API in mobile banking spread across categories, which is being rapidly consumed by Gen-Z. These include loans, credit cards, payment gateways, checking CIBIL scores, etc. This popular trend is also known as ‘open banking’ and has paved the way for the younger generation to access various services, all through their mobile apps. 

Voice payments
 

Voice command or voice recognition for making payments is proving to be a critical disruption in the mobile banking era. Digital assistants such as Siri and Alexa are the go-to voice assistants for Gen-Zers, a trend that will only expand in the future. Customers can complete digital banking payments using the latest voice system technologies by simply saying a command to the IVR while wearing their earbuds. The future will involve cutting-edge voice technology using mobiles. For instance, a customer will be able to discover items, select products of their choice, and perform checkouts on an e-commerce mobile app, all by simply speaking the command on their phones. 

As a bank poised to drive the future of banking technology for the Gen Z-ers, IDFC FIRST Bank Mobile Banking App offers a host of intuitive and cool features for a superior customer experience, of speed and convenience in banking.

The future of banking technology on mobile phones looks very promising. This is especially true for Gen-Zers who look towards their mobile phones for solving everything – and that includes banking-on-the-go.

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