Competitiveness in the Banking Services Sector Today from the Perspective of Generation Z

Abstract

The purpose of the article. In order to respond rapidly to changing customer demands and technological advances, the modern banking services market must adapt quickly. Financial institutions offering similar products and services pose a threat to the banking sector. In order to adapt to market demands, banks must leverage their potential, select appropriate strategies and competitive tools as well as develop offerings that will be well received by customers, enabling them to achieve a strong competitive position. It is also crucial for banks to adapt to the requirements and expectations of Generation Z, who are characterised by impatience and an expectation of quick responses. They are a fully digital group. Social media significantly influences the decisions of its members. This study aimed to identify the factors influencing the competitiveness of banks in Poland from the perspective of Generation Z customers.Methodology. The empirical research conducted for this study took the form of a quantitative survey. This was based on a questionnaire administered to a sample of 500 people. The study aimed to assess the factors influencing the competitiveness of banks in Poland from the perspective of Generation Z, and to identify the most important factors when choosing a bank. The focus was on banks operating in Poland.Results of the research. The survey results indicated that Generation Z values new technologies above all else when interacting with a bank, while price is not a key factor for them. At the same time, the development of technology-based services continues to require support in the form of instructions on the bank’s website or assistance from advisors and employees, in line with customer expectations. Therefore, questions and complaints about banking services raised by this group of young people should be addressed promptly, in line with their preferences. The survey results also show that traditional distribution channels do not appeal to this group of customers.

The purpose of the article. In order to respond rapidly to changing customer demands and technological advances, the modern banking services market must adapt quickly. Financial institutions offering similar products and services pose a threat to the banking sector. In order to adapt to market demands, banks must leverage their potential, select appropriate strategies and competitive tools as well as develop offerings that will be well received by customers, enabling them to achieve a strong competitive position. It is also crucial for banks to adapt to the requirements and expectations of Generation Z, who are characterised by impatience and an expectation of quick responses. They are a fully digital group. Social media significantly influences the decisions of its members. This study aimed to identify the factors influencing the competitiveness of banks in Poland from the perspective of Generation Z customers.Methodology. The empirical research conducted for this study took the form of a quantitative survey. This was based on a questionnaire administered to a sample of 500 people. The study aimed to assess the factors influencing the competitiveness of banks in Poland from the perspective of Generation Z, and to identify the most important factors when choosing a bank. The focus was on banks operating in Poland.Results of the research. The survey results indicated that Generation Z values new technologies above all else when interacting with a bank, while price is not a key factor for them. At the same time, the development of technology-based services continues to require support in the form of instructions on the bank’s website or assistance from advisors and employees, in line with customer expectations. Therefore, questions and complaints about banking services raised by this group of young people should be addressed promptly, in line with their preferences. The survey results also show that traditional distribution channels do not appeal to this group of customers.