What does Gen Z choose when using digital banking?

There are many factors that influence Gen Z’s decision to use digital banking services, including beautiful interface design, trendy features, modern technology, integration of multiple functions, and easy-to-use operations…

The trend of using digital banking is becoming popular in society, especially among young people. Understanding the needs of customers, especially Gen Z (born from 1997 to 2012) - who are naturally accustomed to the digital world, often carrying their phones with them - banks are also investing heavily in digital banking.

In Vietnam, banks are increasingly improving mobile banking applications to enhance customer experience. For Gen Z, who adhere to the “cashless” ideology, investment is becoming more important.

Young people look for “harmonious” digital banks

Ngoc Hang (born in 1998) said she prioritizes banks that support fast, convenient transactions, while also having many new and unique features. Hang is also particularly interested in banks with youthful, dynamic interfaces like her own Gen Z age group.

Meanwhile, Phuong Lien (born in 1999) said she has been using TPBank’s digital banking services for a long time. When using it, she likes how the bank always updates new technology and supports users to set up accounts based on nicknames for easy remembrance, convenience instead of meaningless series of numbers.

Lien shared that she opened an account at TPBank’s LiveBank 24/7 in her final year of university and pays most bills such as electricity, water, and tuition fees through the TPBank Mobile digital banking application. Sometimes, Lien also goes to LiveBank 24/7 to deposit/withdraw money at any time.

Thu Thao (born in 1999) also said that for the past few years, she has been able to go out with just her phone in hand. Without carrying a wallet, she can still pay for all services at grocery stores, restaurants, gas stations, or supermarkets.

Thao also opened a credit card. The card opening process was completely digitized and supported by the bank, so it was quick and convenient. Looking back, instead of having to submit many documents and wait, she opened the card online without going to the counter. She said that Gen Z is a generation that is reluctant to deal with procedures and paperwork.

In just a few minutes, she completed the process of opening an online account package and card with eKYC identification and verification method. Her card, born in 1999, can be transacted instantly by phone, without relying on a physical card.

Recently, Thao also opened TPBank’s Flash 2in1 card in the Earth element collection - according to her own fate. Flash 2in1 integrates credit and debit cards with a variety of beautiful designs for customers to choose from, showing their personality.

Gen Z chooses products that are trendy, innovative, and new

“Youthful, dynamic, convenient, and technological” are the four common keywords mentioned when selecting a digital bank among the three Gen Z interviewees.

All three unanimously agreed that TPBank is currently one of the most popular digital banks among Gen Z customers because it satisfies all four keywords above. The bank’s products put the customer at the center, emphasizing individuality, cutting-edge technology, and trendy experiences.

This bank has long built an image of being youthful, friendly, and modern. The target customers are also young people, Gen Y, and Gen Z - the generations that are exposed to technology and show clear personalities in keeping up with the latest and most modern trends of Industry 4.0.

LiveBank 24/7, which has been operational since 2016, has also gone deeper in the race for non-staffed transaction points, as in addition to cash deposits, it also supports opening savings accounts, opening accounts, or receiving cards…

This makes Gen Z customers like Ngoc Hang, Phuong Lien, and Thu Thao excited because they can perform any traditional financial activities at any time. Currently, the purple bank has nearly 500 LiveBank 24/7 points nationwide, serving customers around the clock.

TPBank Mobile is also Thao’s favorite app among the group of banks. The friendly, modern, and convenient interface is one of the reasons Thao chose it. In addition, this app also has a series of trendy features such as ChatPay - transferring money with a messaging interface. Customers can see all transactions with a person in the interface and calculate the total value of transactions they have made.

Some advanced and modern features that seem to only exist “in movies” such as VoicePay - transferring money by voice; or face payment FacePay… are all integrated into the TPBank Mobile app. Young people can freely arrange the features inside the app in widget form for convenience.

In the past 3 years, the link between digital banks, technology, and Gen Z has been increasingly promoted. Banks are accelerating the development of comprehensive digital utility ecosystems and renewing themselves to attract young customers.

Ngoc Hang hopes that bank apps will have more unique features for a better user experience. Phuong Lien hopes that banks will develop more features specifically for Gen Z, keeping up with trends among young people. For Thu Thao, she hopes that banks will continuously update new technologies while ensuring safe security and a smooth user experience.