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Business News of Tuesday, 21 June 2022

Source: www.thisdaylive.com

FITC launches banking survey report on financial habits of millenials

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FITC, the innovation-led and technology-driven knowledge institution, has launched a first-of-its-kind Millennial and Gen Z Banking Survey Report.

In a statement, FITC said the publication aligns with its commitment to continuously provide cutting-edge knowledge solutions to the financial services sector and provides vital consumer data on a demographic that is fast becoming a significant consumer segment globally.

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

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

She disclosed that the unit provides support to businesses through industry analysis, to enable them to strengthen their customer relationships and make better business decisions, driven by accurate data.

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

Malize described the publication as a vital tool for innovators and disruptors planning to design products and services for the Millennials and Gen Z demography.

“Millennials and Gen Zs are set to become the most important customer group for most banks, neo banks and the financial technology (FinTech) companies. Combined, they currently form the largest adult generation globally with the largest economic impact. Their wealth more than doubled to over $9 trillion since the pandemic began. They are over two billion strong with spending power in excess of $1 trillion. However, “banks” have largely left cutting-edge research on millennial banking habits out of the design processes for product design and marketing strategies development. Financial institutions can no longer afford to neglect this huge group’’ Malize said.

“FITC is committed to equipping and supporting the financial services sector and indeed, players and stakeholders across all sectors of the Nigerian economy with the requisite skills and knowledge to succeed. One of several ways by which we accomplish this, is through research-backed insights and accurate data, to aid sound decision making.”

Speaking further, Malize noted that the Millennials and Gen Zs are the most digitally savvy market segment within the financial services sector.

The MD/CEO, Wema Bank, Mr Ademola Adebise, who delivered the keynote address noted that of the interesting highlights in the report, is the discovery that millennials generally prefer digital platforms, while the Gen Z preference skews towards physical branches.

Represented by the Chief Digital Officer, Mr Segun Adeniyi. Adeniyi, he said this emphasizes the need for banks and financial institutions to create user-centred product experiences, tailored to the unique preferences of this market segment. Adeniyi attested that insights, driven by behavioural data such as this report, are necessary tools for designing new products and improving existing ones within the financial services sector.

The Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairman, FITC Board, Mrs Aishah Ahmad, who unveiled the report, said the financial services sector needs it for effective decision-making on new product development.

“Recent changes in the business environment, and more particularly the banking industry across the globe, make it imperative for periodic research to be conducted 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 Millennials and Gen Z Survey Report is therefore very apt and highly commendable,” she stated.