YoBank - Gen Z banking strategy (WIP) - Zohdi Rizvi

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YoBankGen Z Banking Strategy

Zohdi Rizvi@zohdi_rizvi

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* Resemblance with any brand or trademark is purely co-incidence. Name coined only for educative purpose

Students & Young Professionals

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Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF

YoBankZohdi Rizvi@zohdi_rizvi


India State of Internet Growth in 2016

Mobile Internet User Growth in India (Urban vs Rural)

Global User Adoption of Mobile Banking

Gaps in Existing Retail Banking & Youth’s expectations

Expectations of today’s youth

Apps, loved by Youths

Gen Z Banking Strategy

Gen Z Banking Features

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Basic App Map for YoBank 12

Content Page



India State of Internet Growth in 2016Key stats and figures that will transform many industries

462,124,989 InternetUsersinIndia(2016*)

ShareofIndiaPopulation: 34.8%

TotalPopulation : 1,326,801,576

ShareofWorldInternetUsers: 13.5%

InternetUsersintheWorld:3,424,971,237

SecondhighestInternetUsers,afterChina

30.5%increaseinInternetUsersin2016

MobileInternetusersinIndiaisexpected togrowover55%.

Outof306mn Internetusers,219mn belongstourban India

Source:www.internetlivestats.com



Mobile Internet User Growth in India (Urban vs Rural)Figures in Millions



Global User Adoption of Mobile BankingQuick snapshot

Source: KPMG – Digital Offering in Mobile Banking (May 2015)



Gaps in Existing Retail Banking & Youth’s expectationsFactors that lead to low adoption rate among Gen Z

Insanely Complicated

Poor User Experience

Information Overload

Zero Analytics

Lack of Omni-Channel Banking

Lack of 360 degree integration with other players

Least contextual and relevant

To open an account today, it requires the customer tovisit bank, stand in queue, go through cumbersomepaperwork and then wait for a day or two to get started

Few banks have realized that to stay in market they needto modernize the UX of their banking experience, butmajority still believe UI is equal to UX

Visit any bank website and you’d feel lost withInformation overload. Lack of persona based marketingand results in such chaotic experience

Banks, specifically, have still not embraced the strategy ofpresenting contextually relevant information becausethey still believe in one size fits all kind of solutions

Banks, generate volumes of data everyday, yet the vast majority iseither unaware of Data Science / Analytics or they lack basicinfrastructure & resources to find trends, patterns and behaviorsof their customers within the data.

Banking applications, works in silos and often they’redecentralized. However, today’s tech-savvy consumer expects tohave an Omni-channel banking experience

Today, the banking apps work in silos and have no integrationwith other consumer apps and therefore fails in engaging itscustomers, beyond checking Account balance or doing fundtransfer activities.



Expectations of today’s youthConsumer Behavior of Gen Z

Convenience, instant, helpful and pleasantYouths & young professionals don’t want to visit Bank’s branchto open an account or do daily transaction nor do they want anapp that just let them know their Account Balanceor send money through complicated steps.

"Indian customers demonstrate the highest likelihood of

changing banks driven by the availability of better mobile

banking services,” says KPMG

Source: KPMG Report



Apps, loved by YouthsConsumer Behavior of Gen Z

“Burgeoningsmartphoneandmobileinternetusage,agrowingdevelopercommunityandthepotentialforregional/localizedappsarelikelytofavoranapprevolutioninIndiain2015”,says

Deloitte.

Source:DeloitteReport



Gen Z Banking StrategyHow can Banks higher adoption rate among Gen Z

Instant Signup

Todays youths are accustomed with instant signup withalmost every online platform, hence the banking servicesshould also enable instant signup to Banking productsservices.

Youth friendly Communication Strategy

Banks should optimize their communication strategy and must notuse Banking jargons, so that even a teenager/student canunderstand the benefits of opening an account or loan, thusincreasing the adoption rate among youths.

Get rid of Outbound Marketing, at least for youths

Don’t interrupt the youths with your interruptive ads, outboundcalls or emails. Let the word spread about your bank organicallyvia social media and through offline & online recommendations.

Solve youth’s financial problem, not just yours.

A college student, who is dependent on his parents, isn’tconcerned about benefits like Interest or mortgage loans. Hesimply needs a solution that can help him transact daily,anywhere, anytime. If you do it, then your app will certainly beon their smartphone home screen.

Cross pollinate with other apps like e-commerce

Create Ubiquitous banking experience through strategic partnershipwith other industry brands, where Finance & Payment is the keydriver of User-experience.

On-board minors to Banking App with Parental Layer

Help the teenagers and minors to enjoy basic banking, throughparental controls



Gen Z Banking Features…..that brings bank nearer to the youths

Basic Features

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Product Augmentation

A basic account with a debit card and MobileBanking access, available within 1 business day

Yo Saving Account

A utility to pay college tuition fees, restaurantbills with an ability to split bills, rechargemobile phones.

YoPay

YoCash - To instantly send money to friends &family and YoWallet – for NFC based or card lessWithdrawals from any NFC Enabled ATM’s or topay online at leading e-commerce portals (3rd

party integrations required)

YoCash / YoWallet

Target Market: Students & Young Professionals

Contextual and relevant reminders forupcoming activities like Paying rent, PayingTuition Fees etc.

Yo Alerts & Reminders

Helping the youths to learn about new financialproducts and services through engaging single/ multiplayers games with financial & non-financial incentives, thus shortening theirlearning curve and increasing their engagement

Yo Financial Single / Multiplayer Games

Allowing the youths to save money (fixeddeposit) for their wish-list & desires from theirYo Saving Accounts.

YoGoals



Basic App Map for YoBankHow a User will navigate inside App

Splash Screen

Signup

Login

YoGoals AccountYoPay YoCash

Home (with feed)

Settings

Logout

YoAlerts YoGames



Zohdi RizviUser Experience Professional

MBA (Marketing) – IBS Ahmadabad, India

Inbound Marketing Certified from Hubspot Inc.

Mobile UX Certified from IDF

[email protected] | @zohdi_rizvi | mauxism.com

YoBank - Gen Z banking strategy (WIP) - Zohdi Rizvi

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