steps. Everything I need is on the app. In fact, mostly I don’t even need my bank app. UPI is enough to pay and
check my balance.”
Born into the digital age, for the zoomers, the phone is their lifeline. And as they come of age, they want their financial life too, to be at their fingertips. Unlike the baby boomers, for whom physically visiting a bank branch to balance passbooks is an almost sacrosanct task, no self-respecting member of the Gen Z brigade has stepped into a bank intentionally.
They are redefining banking habits, favouring mobile apps even over traditional internet banking for everything from payments to fund transfers.
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For banks, this means creating new capabilities and rethinking digital strategies—all in a bid to attract and retain this tech-savvy generation. At DBS Bank India, nearly 40% of customers digitally onboarded in the past three years be-
long to Gen Z, with the share rising steadily each year. In metro cities, almost half of new customers are from this
cohort, with Bengaluru leading the pack.
Alok Kashyap, ED and head, liabilities product, payments & digital business, DBS Bank India, confirms this: “On our mobile banking platform, over a quarter of active users are Gen Z. They typically start with a single, simple product before deepening their financial journey, which shapes how we design digital experiences.” Even Bank of Baroda reports that Gen Z accounts for around 40% of users on its bob World app. This is driven by a preference for simplicity and speed. Banking has come a long way since brick and mortar. In the 1990s, ATMs revolutionised the scene, while internet banking in the 2000s marked another leap, but it was largely desktop-based. Zoomers now demand a single super-app that caters to all their financial needs, with a smooth interface, attractive rewards, and even gamification elements.
Purva Chatterjee, a student at a Mumbai-based college, is not impressed by her bank’s app, which feels like she’s opening a website on the phone. “Yet, I’d choose that over a desktop any day as it’s far more convenient.” As this demographic
grows into its earning years, the pressure on banks to innovate will only intensify, analysts say. The digital-first mindset is extending beyond banking. Insurers like Acko say Gen Z expects instant, convenient products they can control
themselves, rather than traditional poli-cies. Animesh Das, MD and CEO of Acko General Insurance, says,
“They don’t wake up thinking about insurance, but when they need it, they want it to be quick and seamless.”
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For this reason, the company has built a do-it-yourself app experience and integrated protection into everyday digital transactions. 2026 will see the emergence of curated investment options, gamified interfaces and embedded insurance to meet the financial requirements of a generation that demands speed, simplicity, and control—all from their smartphones.
