Finance Minister Urges State-Run Banks to Target Gen Z Demographic
NEW DELHI: Union Finance Minister Nirmala Sitharaman has urged public sector banks (PSBs) to cultivate long-term banking relationships with young Indians. She emphasized the need for a “lifecycle” approach, encouraging banks to become the preferred financial partner for individuals from their student years through various life stages. Sitharaman made these remarks during the two-day PSB Conclave, where she called for a month-long “Banking for Youth” campaign starting October 2, targeting individuals aged 16 and above.
Sitharaman stated that banks should offer products tailored to different life stages, ensuring that young customers view them as a comprehensive banking solution. She highlighted the importance of engaging with youth at the onset of their financial journeys, particularly through educational institutions. The aim is to integrate them into the formal banking system while raising awareness about credit scores, banking products, and government credit schemes.
Recognizing the technological savviness of Generation Z, Sitharaman noted that young people expect banking services to be simple, intuitive, and available 24/7. To attract this demographic, she suggested that banks enhance their offerings with lifestyle benefits, such as discounts for fitness centers and mental wellness platforms. This initiative comes as public sector lenders struggle to capture the younger market, which has increasingly favored more agile private banks.
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