There is a convergence in financial health and wellness as well , with banks starting to allow customers to track their emotional and physical wellbeing as well in a single dashboard .
Further , they are leveraging gamification to incentivise healthy financial and fitness habits among customers through various rewards . Finally , banks are also creating experiences to educate customers on leading more sustainable and healthy lifestyles .
Fintechs play an important role in this ecosystem as well , and a survey revealed that more than 40 % of customers prefer PFM services from non-bank providers . Open banking is a key driver for this since it allows third-party financial providers to access customers ’ financial data , reducing friction .
Financial literacy is another crucial area of focus . Only 46 % of Gen Z feel confident about their financial knowledge , a figure lower than that of baby boomers , Gen X , and millennials . To engage this younger demographic , fintechs are incorporating innovative features such as short-form videos and personality tests for tailored advice . fintechmagazine . com 81