Millennials’ time in the spotlight is coming to a close as a new generation gains spending power and fiscal prominence. Gen Z, which includes individuals born between 1995 and 2012, is positioned to become the largest demographic of consumers by 2020 with an expected $29 to $143 billion in direct spending power, according to FutureCast. This represents a massive opportunity for banks and credit unions to engage with a new generation now and help them manage their wealth for years to come.
Speed and convenience aren’t the only improvements your financial institution can make to its lending process – greater transparency should also be a priority.
These days, consumers can accomplish just about anything thanks to connected devices, whether a smartphone, tablet or smartwatch. Smart assistants have taken this idea even further, allowing consumers to complete certain activities, such as purchasing household items like laundry detergent, by a simple voice request. As a result, consumers have expectations that are higher than ever, including when it comes to managing their finances and even when applying for a loan. However, the lending process for many financial institutions is still wrought with friction, which negatively impacts the borrower experience.