UAE: Post-Covid digital banking goals focus on attracting Gen Z customers, hyper-personalisation of services

UAE: Post-Covid digital banking goals focus on attracting Gen Z customers, hyper-personalisation of services

Tech products in the sector have taken greater precedence than ever before and bankers must develop innovative solutions to appeal world’s most socially-focused generation

Delegates in Digibank 2022. Photo by Shihab

Published: Wed 14 Sep 2022, 7:47 PM Last updated: Wed 14 Sep 2022, 7:55 PM

A special banking system tailormade to meet the needs of Generation Z (Gen Z) audiences could come around very soon. Moreover, social media analytics could come to play in making credit decisions for borrowers, top FinTech and digital banking heads told audiences in Dubai on Wednesday.

Following the pandemic, both mainstream and neobanks have said they have begun creating processes that would create products specifically for the Gen Z public. Generation Z are the demographic cohort succeeding Millennials and are roughly 10-25 years old at the moment, and neobanks, sometimes referred to as ‘challenger banks,’ are fintech firms that offer apps, software and other technologies to streamline mobile and online banking.

Top leaders in the banking sector were speaking at the third edition of Khaleej Times DigiBank 2022 – the Banking Transformation Forum.

The one-day event, which took place on September 14, saw participation from some of the most influential figures in the banking and fintech industries.

Post-pandemic, the importance of