Mobile banking features (Image: Shutterstock).

A small army of digital natives are about to become the largest generation globally. Gen Z, those born after 1996, will account for 32% of the world’s population (7.7 billion) in 2019 and outnumber millennials for the first time, according to World Economic Forum. This year, it will be critical for businesses across all industries to modernize operations and enhance their digital performance in order to meet the needs of this mobile-first demographic.

Banks and credit unions in particular have much to gain by adopting next-generation technologies to meet the needs and expectations of their growing tech-savvy customer and member bases – and more to lose if they don’t. The rise of fintech, digital wallets, e-transfer apps and social banking platforms increasingly threaten traditional financial institutions by offering younger generations the financial solutions they need via the digital tools with which they are already familiar. This year, it is imperative that credit unions digitize their services – starting with mobile apps – in order to stay relevant and competitive in 2019 and beyond.

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