Name: Gen Z: Win over next-gen's banking decisions through AI
Uploaded: 2022-04-13T13:49:55.041Z
Duration: 627.36
Description: Gen Z is the diverse, socially conscious, side-hustle generation best known for being digital natives. How will they change the future of finance? In this new episode of our "Gen Z" series global fintech influencer Xavier Gomez underlines how AI has a place in every step of winning over Gen Z banking customers.

Gen Z-Xavier Gomez (1).mp4

Xavier Gomez Gen Z.vtt

English

{{00:00:00}}
Now with this movement, you talk
about FinTech influencer, you will

{{00:00:06}}
see the awakening of creator economy.

{{00:00:10}}
This is a new trend that is coming.

{{00:00:12}}
You don't have a lot
of news report on that.

{{00:00:15}}
That is coming.

{{00:00:21}}
It's funny because during the pandemic,
at the beginning, how everybody are

{{00:00:26}}
logged on, this generation focus
on finance, as you know, the love

{{00:00:32}}
of gaming and so on, and they are
very interested by investment.

{{00:00:38}}
And now when you look at the different
survey, you see the first investment

{{00:00:43}}
of Gen Z is digital asset in crypto.

{{00:00:47}}
Before to buy stocks or mutual
funds, it's completely crazy.

{{00:00:53}}
And after they invest in traditional
investment, such as a mutual fund or

{{00:01:00}}
real estate, it's a complete shift
in terms of interest for investment.

{{00:01:07}}
And they invest via the new FinTech
application you know, Revolut,

{{00:01:14}}
you know, N26, and some well steak
also, the famous French FinTech

{{00:01:21}}
in Europe, Finary and others.

{{00:01:23}}
I think Gen Z in particular
has been really pushing banking

{{00:01:27}}
to sort of reinvent itself.

{{00:01:29}}
What kind of super apps or
FinTech solutions do you

{{00:01:32}}
think are on the right track?

{{00:01:34}}
We can see a lot of example
from Asia, in particular, China.

{{00:01:39}}
We've the apps, famous apps,
Baidu, Alibaba, Tencent, and

{{00:01:47}}
the conception of super apps
with, WeChat is very powerful.

{{00:01:53}}
And when you look at the experience
of, Chinese customer for financial

{{00:02:00}}
services and also with Alibaba and the
FinTech arm, Ant Financial, you can see

{{00:02:08}}
a lot of examples, very good examples.

{{00:02:10}}
You have an ecosystem where you can
send a message via as a message you

{{00:02:16}}
can send a payment, or transfer of
payment, you can make your saving,

{{00:02:21}}
you can request the credit, loans,
it's wonderful, and you don't need

{{00:02:27}}
to make a lot of requests because,
this app recognise you and connect

{{00:02:33}}
with other apps, very interesting.

{{00:02:36}}
And this is another application
of AI, because to connect with all

{{00:02:44}}
this new application, you need a
powerful tool, a powerful algorithm.

{{00:02:50}}
This is a reason why AI
is very useful on that.

{{00:02:55}}
So you talk about sort of Asian
culture, China, that's really doing

{{00:02:59}}
it well, is there anything in, I
guess, the Western side that is doing

{{00:03:03}}
it well, and is it something that,
you know, maybe isn't out there yet

{{00:03:07}}
that needs to be, you know, created?

{{00:03:10}}
It's funny or your point because
with the super apps comes from

{{00:03:16}}
Asia,  a lot of European, American
specialists said, oh no, it's a buzz

{{00:03:26}}
in Asia, we are different culture.

{{00:03:31}}
We don't see the adoption.

{{00:03:33}}
And finally, we see this adoption,
because when you are client, you

{{00:03:38}}
don't waste your time to connect,
to be recognised, and so on.

{{00:03:44}}
You want, any problems, you want to
navigate without any barrier, you know,

{{00:03:54}}
and then, I think it's true for any
people around the world, from African,

{{00:04:00}}
American, European or Chinese people.

{{00:04:03}}
Something needs to sort
of, it's for everyone?

{{00:04:06}}
Exactly.

{{00:04:06}}
Adapted on your way,
your culture and so on.

{{00:04:11}}
But at the end of the day,
this is the technology answer

{{00:04:15}}
to client satisfaction.

{{00:04:18}}
So across social media platforms
like Instagram and TikTok, there's

{{00:04:22}}
something called a finfluencer, and
they're really providing financial

{{00:04:25}}
advice and it's ultimately competing
with digital banks, who are looking for

{{00:04:29}}
the attention of the younger audience.

{{00:04:31}}
So how can AI or FinTech solutions
really help financial institutions

{{00:04:35}}
to stand out in this arena?

{{00:04:37}}
Now with this movement, you talk
about FinTech influencer, you will see

{{00:04:44}}
the awakening of creator economics.

{{00:04:47}}
This is a new trend that is coming.

{{00:04:49}}
You don't have a lot of news
report on that, but it's coming.

{{00:04:53}}
It's influencer creating content.

{{00:04:57}}
On any support, articles,
blog, video podcast, and so on.

{{00:05:06}}
Creator economy.

{{00:05:07}}
It should be a very huge business
in coming years, for sure.

{{00:05:12}}
Now, when you look at finance,
FinTech, FinTech, influencer,

{{00:05:17}}
some regulators would rather watch
out because some of them are not

{{00:05:23}}
specialist, some of them are paid
for that and they don't declare that.

{{00:05:28}}
And, you need to be careful.

{{00:05:31}}
And again, the powerful of AI is to
check the fake news on what these

{{00:05:38}}
kinds of people said, to a large
audience, in order to control.

{{00:05:43}}
If it's a very, very true expert
or is bad guys, they want to make

{{00:05:52}}
simple money on the community.

{{00:05:54}}
It's very interesting because
some big financial institution are

{{00:06:02}}
ready to pay these kind of guys to
represent them and to touch this

{{00:06:08}}
kind of generation, because it's very
difficult for them to attract them

{{00:06:13}}
and to have free speech in comparison
with the past, in financial marketing.

{{00:06:21}}
It's a very huge advancement for me.

{{00:06:24}}
How do you think they might be able
to ensure there is some safety there?

{{00:06:29}}
For me, the main point will
be the education, financial

{{00:06:32}}
education at each level.

{{00:06:35}}
It means what, it means for older
people to educate our parents

{{00:06:42}}
about the new technology, clearly,
young people to educate through

{{00:06:47}}
traditional finance concept at the
end because they have  the knowledge

{{00:06:53}}
of tech now, as they are tech savvy.

{{00:06:58}}
And, it's kind of mixed in term
of knowledge, financial  education

{{00:07:06}}
and tech education also.

{{00:07:08}}
And you have a current mix
with the emerging of FinTech of

{{00:07:13}}
different initiative at the moment.

{{00:07:19}}
It's a very interesting
period for that.

{{00:07:21}}
As we talk more about millennials
and Gen Z, we talk about neobanks.

{{00:07:26}}
I think neobanks are offering sort
of that one-stop solution, and it

{{00:07:30}}
seems as though Gen Z might be a
threat to their existence, they

{{00:07:33}}
might not be looking for that.

{{00:07:35}}
They might be wanting a little
bit more personalisation.

{{00:07:37}}
Can AI potentially help neobanks
to upgrade, or will it demand for

{{00:07:42}}
something completely different
to be created and sort of a

{{00:07:45}}
new wave of digital banking?

{{00:07:47}}
Challenging question.

{{00:07:48}}
Thank you for putting this
question on the table.

{{00:07:52}}
I think it's a mix of both, you
know, if you look at the history of

{{00:07:57}}
neobanks in particular successful
like, Revolut, N26, at the beginning,

{{00:08:04}}
they implement, they built a
community before the launching.

{{00:08:08}}
And I think when you build and
implement a solid community, and

{{00:08:14}}
they give you some feedback, but
they expect, and after you can change

{{00:08:19}}
your offering and adapt you offering.

{{00:08:22}}
And I think the social media for
that are very strong and very

{{00:08:27}}
useful for this neobank to adapt.

{{00:08:30}}
When you are Gen Z, you prefer to
go to Revolut instead of Barclays

{{00:08:36}}
or BNP Paribas because this is
old fashioned and this is the bank

{{00:08:41}}
of my parents or grandparents.

{{00:08:43}}
And I think community and social
media are very good leverage

{{00:08:49}}
for neobanks to succeed clearly.

{{00:08:52}}
This kind of younger audience,
this loyalty as customers is

{{00:08:56}}
actually quite hard to gain because
they're not really putting their

{{00:08:59}}
money where they traditionally
might have, and the loyalty where

{{00:09:03}}
they traditionally might have.

{{00:09:05}}
So how do you think that AI and
machine learning are supporting these

{{00:09:09}}
financial institutions to gain that
younger audience, Gen Z's loyalty?

{{00:09:14}}
So first, it's as you
mentioned, the loyalty.

{{00:09:18}}
In order to well serve your
client is to know them very well.

{{00:09:25}}
First from a regulatory perspective,
in terms of compliance with the KYC.

{{00:09:32}}
This generation don't like
to fulfill a lot of papers.

{{00:09:37}}
They like RegTech application,
very simple, connected with

{{00:09:43}}
their social media account
in order to recognise them.

{{00:09:47}}
First, also AI can track what they
are looking for, where they look,

{{00:09:54}}
what they don't like in order to
propose every time the right things,

{{00:09:59}}
the right investment and so on.

{{00:10:02}}
This is the first thing for the
application of AI, compliance

{{00:10:07}}
regulation and a better
customer experience and customer

{{00:10:12}}
services for the final client.

{{00:10:14}}
Incredible.

{{00:10:15}}
Well, thank you so much for joining us
today in the Streamly studio, it's been

{{00:10:18}}
an absolute pleasure speaking with you.

{{00:10:20}}
Thank you, too.

Now with this movement, you talk
about FinTech influencer, you will

You don't have a lot
of news report on that.

It's funny because during the pandemic,
at the beginning, how everybody are

logged on, this generation focus
on finance, as you know, the love

of gaming and so on, and they are
very interested by investment.

And now when you look at the different
survey, you see the first investment

Before to buy stocks or mutual
funds, it's completely crazy.

And after they invest in traditional
investment, such as a mutual fund or

real estate, it's a complete shift
in terms of interest for investment.

And they invest via the new FinTech
application you know, Revolut,

you know, N26, and some well steak
also, the famous French FinTech

I think Gen Z in particular
has been really pushing banking

What kind of super apps or
FinTech solutions do you

We can see a lot of example
from Asia, in particular, China.

We've the apps, famous apps,
Baidu, Alibaba, Tencent, and

the conception of super apps
with, WeChat is very powerful.

And when you look at the experience
of, Chinese customer for financial

services and also with Alibaba and the
FinTech arm, Ant Financial, you can see

You have an ecosystem where you can
send a message via as a message you

can send a payment, or transfer of
payment, you can make your saving,

you can request the credit, loans,
it's wonderful, and you don't need

to make a lot of requests because,
this app recognise you and connect

And this is another application
of AI, because to connect with all

this new application, you need a
powerful tool, a powerful algorithm.

This is a reason why AI
is very useful on that.

So you talk about sort of Asian
culture, China, that's really doing

it well, is there anything in, I
guess, the Western side that is doing

it well, and is it something that,
you know, maybe isn't out there yet

It's funny or your point because
with the super apps comes from

Asia,  a lot of European, American
specialists said, oh no, it's a buzz

And finally, we see this adoption,
because when you are client, you

don't waste your time to connect,
to be recognised, and so on.

You want, any problems, you want to
navigate without any barrier, you know,

and then, I think it's true for any
people around the world, from African,

Something needs to sort
of, it's for everyone?

Adapted on your way,
your culture and so on.

But at the end of the day,
this is the technology answer

So across social media platforms
like Instagram and TikTok, there's

something called a finfluencer, and
they're really providing financial

advice and it's ultimately competing
with digital banks, who are looking for

So how can AI or FinTech solutions
really help financial institutions

Now with this movement, you talk
about FinTech influencer, you will see

You don't have a lot of news
report on that, but it's coming.

On any support, articles,
blog, video podcast, and so on.

It should be a very huge business
in coming years, for sure.

Now, when you look at finance,
FinTech, FinTech, influencer,

some regulators would rather watch
out because some of them are not

specialist, some of them are paid
for that and they don't declare that.

And again, the powerful of AI is to
check the fake news on what these

kinds of people said, to a large
audience, in order to control.

If it's a very, very true expert
or is bad guys, they want to make

It's very interesting because
some big financial institution are

ready to pay these kind of guys to
represent them and to touch this

kind of generation, because it's very
difficult for them to attract them

and to have free speech in comparison
with the past, in financial marketing.

How do you think they might be able
to ensure there is some safety there?

For me, the main point will
be the education, financial

It means what, it means for older
people to educate our parents

about the new technology, clearly,
young people to educate through

traditional finance concept at the
end because they have  the knowledge

And, it's kind of mixed in term
of knowledge, financial  education

And you have a current mix
with the emerging of FinTech of

As we talk more about millennials
and Gen Z, we talk about neobanks.

I think neobanks are offering sort
of that one-stop solution, and it

seems as though Gen Z might be a
threat to their existence, they

They might be wanting a little
bit more personalisation.

Can AI potentially help neobanks
to upgrade, or will it demand for

something completely different
to be created and sort of a

Gen Z

Trend

Gen Z is the diverse, socially conscious, side-hustle generation best known for being digital natives. How will they change the future of finance?
In this new episode of our "Gen Z" series global fintech influencer Xavier Gomez underlines how AI has a place in every step of winning over Gen Z banking customers.

Artificial intelligence finance

Machine Learning

Neobanks

Finfluencers

Tiktok

Superapps

small_xavier gomez.jpg

thumbnail_xavier gomez.jpg

xsmall_xavier gomez.jpg

xavier gomez.jpg

Xavier Gomez

Co-Founder and COO

Super-apps became more than just an Asian craze. Customers all over the world are yearning for conveniences like the ones they provide.
The "Creator economy" will be a huge business in the coming years thanks to the growing prevalence of fintech influencers. The impact new technologies and finfluencers has on increasing financial literacy is varied depending on the generation. However, a win-win for all.

New buzz: Super-apps and finfluencers

Community managers and social media could provide the leverage that neobanks require to combat the threat of rapidly shifting Gen Z demand.

Threats to neobanks

To build loyalty, you must first get to know your customers. AI aids in better understanding their demands, allowing your firm to provide the correct service at the right moment, every time.