New research by Garanti BBVA and Be Node reveals how young people engage with digital finance
Garanti BBVA, Be Node and the Turkish Informatics Foundation recently collaborated on research to explore how young people use financial technology. The findings from the study show their strong connection to digital tools, as well as their need for greater support in financial literacy.
Led by Faruk Eczacıbaşı, the research brought together civil society, academia, and the private sector, and was supported by scholars both in Turkey and abroad. The findings show that young people rely heavily on digital channels for their financial needs, but prefer solutions that are practical, and respond to their priorities. For example, 95 percent of the young people included in the research have a bank account, yet only half use them regularly. Meanwhile, 84 percent do their banking on mobile devices, and 71 percent prefer banks with robust technology and easy access.
Aware of this preference, Garanti BBVA has created a section of its mobile banking app exclusively for young people, with special promotions and discounts in a variety of areas that interest them, such as banking, culture, the arts, and education. In addition, as 80 percent prefer financial institutions that offer free money transfers, new customers signing up for Garanti BBVA Young World are not charged for money transfers for six months.
The research also found an increase in mobile payments through fintech companies from three percent in 2014 to 49 percent in 2021. However, one-third are concerned about cybersecurity risks and privacy. As Garanti BBVA Deputy General Manager Ceren Acer Kezik emphasized, the bank’s support for the fintech ecosystem helps young people participate in the digital financial world with confidence. “We continue to be part of this process at a time when fintechs are building self-confidence. Our goal is to ensure that young people are strong individuals in both the current financial world and in the future,” she explained.
The research clearly shows that young people have exceptionally strong access to technology and digital habits. However, as the Deputy General Manager stressed, they require greater support and financial awareness to translate this into meaningful participation. To make this a reality, Garanti BBVA supports young people with financial education and tools that make it easier to manage their finances: “Increasing financial literacy, ensuring young people can navigate digital tools with confidence, and supporting their financial self-confidence are among our top priorities. We aim to guide young people at every step of their financial journey, intuitively understand their needs, and offer solutions that make their lives easier,” she concluded.