Finance Monthly January 2020 Edition

BANKING ON CHANGE: Predicted to be the generation in existence in the next few years, and accounting for 40% of all consumers by 2020, Generation Z ( those born after 1995) is a segment of society not to be underestimated. As the spending power of this generation grows, its consumer behaviour is anticipated to affect the consumer world greatly. Modern banking is one of the many establishments that is already facing a significant change. IDEX Biometrics’s recent research into the attitude of Generation Z towards online security, banking and biometrics found that 79% of 16-24-year olds believe banks need to do more to protect customers from fraud. In fact, even though they are the youngest consumers, an enormous 95% of this age group think banks need to increase fraud protection for their customers. David Orme tells us more about the research’s findings and Gen Z’s expectations when it comes to security. HOW GENERATION Z IS DEMANDING A STEP FORWARD IN SECURITY David Orme, SVP at IDEX Biometrics ASA www.idexbiometrics.com 36 www.finance-monthly.com FINANCIAL INNOVATION & FINTECH - BANKING ON CHANGE