E-banking usage by Gen X, Y, and Z generations

Abstract

In a time of digital disruption, users are deciding how they want banks to respond and even exceed their expectations. Banks rushed to face-lift their front-end look and enable non-essential digital services without acknowledging users’ needs. This recent attitude has harmed a good digital banking experience, and consequently the adoption of e-banking. To have a clear vision of how banks can stand out in a digital transformation 634 e-banking users were interviewed from the generations’ X, Y, and Z. A qualitative analysis was conducted using Leximancer software, to determine similarities and differences in three generations’ attitudes toward digital banking. The findings highlighted nineteen concepts grouped into eight key themes, namely: transfers, availability, use, speed, information, price, complex(ity), and market. Digital bank users are concerned about price, speed of transfers, and product information, valuing the easy availability of services and operations in the financial market, with some constraints about the complexity of options used to manage their accounts and savings. While Gen X (older age) looks at digital banking mainly for the availability of services, Gen Y (middle age) takes more advantage of digital banking to explore the bank/financial market and perform operations anywhere, and Gen Z (younger age) simply for transfers. This study contributes to understanding the adoption of digital banking, allowing to propose a new conceptual map to explain e-banking usage and identifying what is more important for each Gen X, Y, and Z generation may adopt digital banking.