To Study the Gen’z Perception About Role of Bank’s and Financial Non-Banking Financial Companies (NBFC’S) in Economic Development of the Country with the Reference of Ahmedabad City

Makwana  Krishna; Kuralkar  Darshana; Jignesh  Vidani

doi:10.59890/1gphgm49

Authors

Makwana Krishna L.J. Institute of Management Studies, LJ University Author
Kuralkar Darshana Institute of Management Studies, LJ University Author
Jignesh Vidani Institute of Management Studies, LJ University Author

DOI:

https://doi.org/10.59890/1gphgm49

Keywords:

Generation Z, Banks, NBFCs, Economic Development

Abstract

This study investigates Generation Z's perceptions of the roles of banks and non-banking financial companies (NBFCs) in the economic development of Ahmedabad, India. As the youngest and most technologically adept demographic, Gen Z’s attitudes towards financial institutions are crucial for understanding future economic trends and consumer behavior. Through a mixed-methods approach that combines quantitative surveys and qualitative interviews, this research highlights how Gen Z views banks and NBFCs concerning accessibility, trust, innovation, and financial literacy. The findings reveal that Gen Z perceives traditional banks as stable yet sometimes lacking in personalization, while NBFCs are seen as more innovative and accessible, particularly for underserved populations. The study also underscores the importance of technological integration, with digital platforms playing a significant role in shaping Gen Z's interactions with financial services. Moreover, the desire for financial education and social responsibility emerges as a significant factor influencing their loyalty to financial institutions.The implications of these perceptions are manifold. Financial institutions must adapt their strategies to meet the unique needs of this demographic by offering tailored products, enhancing digital experiences, and investing in financial literacy programs. Additionally, promoting social responsibility initiatives can foster trust and engagement. The study's insights contribute to thebroader discourse on financial inclusion and economic development, offering valuable recommendations for policymakers and financial leaders aiming to connect with the emerging consumer base

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