My fellow classmates and I went outside of the classroom and had a look at traditional banks, what we gathered was each bank looked very basic inside, minimal colours. Often the banks looked cold and unwelcoming inside. A noticeable factor was that most of all the customers were older.
I decided to create two pocket profiles on Miro using Nationwide and Monzo for comparison, It is extremely clear to see what the modern digital bank is with the use of colours and graphics compared to the traditional colour theme and typography used for Nationwide. I focused on these two banks as they are well known and reputable.
Now lets have a look at traditional banking websites in comparison with digital banking. The difference is sufficient with Monzos use of bold type and the use of a contrasting colour palette while Nationwide seems dated and almost too traditional.
Gen Z banking habits
Two thirds of Gen Z use bank accounts but not debit cards, credit cards or loans. As most of them are still in education they are big spenders and haven’t thought about saving. This gives companies a huge opening to introduce them into adulthood.
They are drawn towards digital payments and apps more so than any other generation. Over half use digital wallets monthly, and over three-quarters use other digital payment apps. Financial services need to create a product that is unique, understandable and progressive.
I personally feel I don’t fit into any generation as I was born at the very end of 1995, Therefore I feel a strange balance between understanding Generation Z and also millennials which is technically my generation.
Polls
I went on Instagram and and asked my followers if they used digital banking or in store banking, I wanted this to feel as informal and possible without linking a long questionnaire. Doing this give me more results as it captured peoples interest without boring them. The results were quite clear with 45.9% of millennials and 40.6% of Gen Z which is evidence that the articles I have researched our correct.
I rarely see any of my friends who are all Gen Zs carrying cash including myself. I worked in Tescos at peak coronavirus and noticed a huge shift in contactless payment as it was being pushed worldwide. Noticeably at least 80% of young customers used card payments while the older generation stuck by cash. With all my knowledge I’ve gained across the years and researching throughly I created a user persona on Figma based on generation Z spending habits.
Below I created a user persona of who my target audience would be and how they spend their money.
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