SPECIALIST INSIGHT and aspirations , and in turn help to develop Gen-Z customers into future high net-worth individuals .
Can you discuss the role of technology partnerships with educational institutions or FinTech companies in enhancing financial literacy among the youth , and how these collaborations can drive innovation in digital banking education ?
FinTechs have a crucial role to play in digital banking education , providing the cutting edge financial literacy content and tools that their customers need . They are well-placed to provide practical experiences based on real-world scenarios that can really drive people to develop and use digital banking technologies in the right way . As a case in point , Everfi and Blackbaud partner with schools to offer lessons and gamificationdriven sessions to drive financial education . The industry has a responsibility to help educational institutions with this work , to drive financial literacy in future generations .
How can banks use data analytics to track young customers ’ financial behaviours and develop strategies for their long-term engagement and loyalty ? Additionally , what cuttingedge technologies can be adopted in creating engaging digital banking experiences that teach crucial financial concepts ?
Machine Learning and AI hold the key to banks understanding the needs of young customers , and in turn , forming longterm relationships . This goes way beyond how much money they currently have access to , or their current potential to earn . They need to make decisions based on people ’ s aspirations – looking at their current spending patterns and deducing what kind of longer-term journey they are likely to be on . Segmenting the data into multiple dimensions and using predictive analytics will enable banks to fully understand behaviours and future paths young customers are setting out on , so they can develop strategies and prepare for longer-term engagement in line . This will leave them with a base of loyal longer-term customers , who are ultimately profitable for the bank in years to come . � www . intelligentfin . tech
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