Neobanks, generation Z and the transformation of banking

  • Leon Aßmann (Student)

Student thesis: Master's Thesis

Abstract

Given the significant impact of FinTech on banking, this dissertation aims to explore how Generation Z is influencing this change and the pivotal role they play in the growth of neobanking in Europe. Despite existing research on digital banking, the specific impact of this demographic on the adoption of neobanking in the context of trust is still little explored. A qualitative research methodology was applied, using semi-structured interviews with industry experts to gain in-depth insights into growth strategies and trust-building factors. The analysis indicates that Generation Z, with its digital-savvy and early adoption of technology, is a key driver of growth. This generation values transparency, fast and global access as well as user-centric digital solutions, leading neobanks to continuously innovate and tailor their services to meet these expectations. In addition, the findings have practical implications for neobanks aiming to attract and retain Generation Z customers, traditional banks seeking to compete in a digital-first market, and policymakers promoting financial inclusion and innovation. The conclusion underscores the potential for neobanks to thrive by aligning their strategies with Generation Z’s preferences and theoretical frameworks such as TAM, DCs, DIT, and SQM, and highlights areas for future research, including broader generational comparisons and regional differences.
Date of Award27 Jun 2024
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPeter V. Rajsingh (Supervisor)

Keywords

  • Neobanks
  • FinTech
  • Digital banking
  • Generation Z
  • Digital natives
  • TAM
  • DCs
  • DIT
  • SQM
  • Transformation of banking

Designation

  • Mestrado em Gestão e Administração de Empresas

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