Öztopçu explains that while consumers are rapidly diversifying within the financial ecosystem, there is a real need for new generation financing products capable of responding to this diversity: “Seize and develop technological The opportunities, particularly AI, allow companies to develop new production methods and tools, better evaluate their competitors and develop creative competitive strategies.
As Generation Z enters its peak earning years, it has become the target of all sectors of the economy, notes Öztopçu. Gen Z prioritizes convenience above everything else, and appreciates special and innovative financial benefits, such as promotions and discounts. Öztopçu reports that Gen Zers also do a lot of their shopping on social media, but always after doing proper research, and rarely impulsively. To help them, they browse online channels and watch videos if necessary.
According to Öztopçuthis generation looks for the same benefits and promotions when looking for financial products, such as loans, interest rates and payment flexibility. In fact, when offered by brands, it builds greater loyalty among Gen Z customers – even more so when brands develop personalized financial products to meet their needs.
Öztopçu explained that if a consumer uses a product developed collaboratively by brands and financial institutionson average, they visit the brand’s mobile app or website three times per month, and these visits convert into sales. During this transition period, the use of these hybrid structures is expected to become more widespread, because they are particularly effective in interacting with the customer, helping brands understand their needs and guiding them.
Therefore, according to Öztopçu, if consumer finance companies or banks insist on using traditional databases, they must be ready to redouble their efforts to offer new products that can keep up with changing trends in consumer financing and lending habits.