In our digital-first world of rapidly evolving customer preferences, banks are facing a new challenge: catering to the needs and expectations of their newest cohort, Generation Z.
Digital natives – born into a world of advanced technology and constant access to information – bring a new perspective on financial services.
They value a personalised touch in every aspect of their lives, and their banking needs are no exception.
Traditional banking no longer cuts it; these people crave an experience that is tailored, authentic and, most importantly, aligns with their values.
Unravelling the Gen Z persona
To create personalised banking experiences for Gen Z, we must first recognise that their values, goals and aspirations differ significantly from previous generations.
Gen Z embraces technology as a means of empowerment – eager to manage their finances efficiently and effortlessly through their smartphones.
This tech-forward generation seeks frictionless access to financial information, hyper-targeted financial products and intelligent “nudges” to help them manage their finances – all conveniently accessible through their smartphones.
Use of data analytics
Data-driven personalisation stands as a transformative force in the realm of banking, holding the key to pique Gen Z’s interests.
Advanced data analytics and algorithms enable banks to use their vast data repositories to form a holistic view of Gen Z's financial habits and aspirations.
Incorporating artificial intelligence can take personalisation to the next level.
For example, using AI-powered chatbots and virtual assistants enables banks to engage with Gen Z customers in real time, providing instant assistance and support at every step of their financial journey.
Building bridges
Gen Z expects banks to be present where they are. To resonate with these customers, banks must speak their language and be present on their social media platforms, messaging apps and other digital channels.
Interactive chatbots and engaging content that address their financial concerns are essential tools for forging connections.
Banks that communicate in a way that feels natural and authentic to Gen Z can build meaningful relationships.
From a social media presence that reflects their values to personalised messages that address their financial concerns, every interaction counts.
Empowerment through financial education
Beyond transactions, Gen Z are self-learners who crave knowledge and understanding.
Financial literacy is a crucial aspect that banks must prioritise for this generation.
Empowering Gen Z with the right information and guidance sets them on a path to independence and financial success.
Banks can take on the role of trusted advisers, offering more than just traditional banking services.
Educational resources, interactive tools and personalised financial advice can help Gen Z customers to navigate the complexities of personal finance.
By providing the knowledge to build a solid financial foundation, banks can empower them to make informed decisions that shape their future.
Gen Z is not interested in one-size-fits-all banking solutions. They seek hyper-personalised products and benefits that cater to their unique preferences.
Is the current banking experience Gen Z-approved?
To engage and captivate this new generation, banks must reimagine their approach to customer experience.
This means harnessing the power of technology, data and design to create seamless, intuitive and personalised banking journeys.
Gen Z expects an experience that goes beyond just transactions – they want a banking partner that understands their goals, supports their financial journey and speaks their language.
To gain and retain their attention, banks must be willing to design and innovate, breaking free from the mould of traditional banking.
Whether it is designing flexible savings plans tailored to their unpredictable income streams or niche lending solutions, data-driven personalisation empowers banks to deliver bespoke offerings that appeal to this generation.
The road ahead
As Gen Z consumers begin their financial journeys, banks must adapt to meet the preferences of this tech-savvy and digitally native generation.
Harnessing the power of technology, data and design, banks can create an adaptable banking ecosystem that not only resonates with Gen Z, but also sets the stage for captivating the ones next in line, Gen Alpha.
Corey Thompson is executive vice president and head of digital for retail banking group at Mashreq
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COMPANY%20PROFILE
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A list of the animal rescue organisations in the UAE
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
COMPANY%20PROFILE
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If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
