FITC launches banking survey report on financial habits of millennials

FITC, the knowledge institution focused on innovation and technology, has launched the first Millennials and Gen Z Banking Survey Report.

In a statement, the FITC said the publication aligns with its commitment to continuously provide industry-leading insight solutions to the financial services industry and provides vital consumer data on a demographic that is rapidly becoming a consumer segment. globally important.

The release, the statement added, was designed to provide crucial data on the Millennials and Gen Z market segment and support decision-making by key stakeholders in the financial services industry.

Addressing the report’s relevance, FITC Managing Director/CEO Chizor Malize said the survey was conducted and published by the FITC’s Insights and Policy Advocacy Unit.

She revealed that the unit provides support to businesses through industry analytics, to enable them to strengthen their relationships with their customers and make better business decisions, based on accurate data.

In addition to the Millennials and Gen-Z report, the Insights and Policy Advocacy unit regularly publishes reports that provide actionable insights to the financial services industry.

Malize described the publication as an essential tool for innovators and disruptors considering designing products and services for the Millennials and Gen Z demographics.

“Millennials and Generation Z are set to become the most important customer group for most banks, neo-banks and financial technology (FinTech) companies. Together, they currently form the largest generation of adults in the world with the greatest economic impact. Their wealth has more than doubled to over $9 trillion since the pandemic began. They are more than two billion people with a purchasing power of more than 1,000 billion dollars. However, “banks” have largely left cutting-edge research on millennial banking habits out of design processes for product design and marketing strategy development. Financial institutions can no longer afford to neglect this huge group,” Malize said.

“The FITC is committed to equipping and supporting the financial services industry and indeed actors and stakeholders across all sectors of the Nigerian economy with the skills and knowledge required to succeed. One of the many ways we do this is by using research-based information and accurate data to support informed decision-making.

Speaking further, Malize noted that Millennials and Generation Z are the most digitally savvy market segment in the financial services industry.

Managing Director/CEO of Wema Bank, Mr. Ademola Adebise, who gave the keynote address, noted that one of the interesting highlights of the report is the finding that millennials generally prefer digital platforms, while Gen Z’s preference leans towards brick-and-mortar branches.

Represented by the Chief Digital Officer, Mr. Segun Adeniyi. Adeniyi, he said, underscores the need for banks and financial institutions to create user-centric 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 to design new products and improve existing ones in the financial services industry.

The Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairperson of the FITC Board, Ms. Aishah Ahmad, who unveiled the report, said the financial services industry needs it to effective decision-making on the development of new products.

“Recent changes in the business environment, and more specifically in the banking industry across the world, make it imperative to conduct periodic research 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 survey report on Millennials and Generation Z is therefore very relevant and very commendable. She declared.

Comments are closed.